While the potential tariff on the iPhone is concerning, Apple's ability to navigate the headwind might be underappreciated, JPMorgan analyst Samik Chatterjee tells investors in a research note. The analyst estimates that a 10% tariff would result in an 8% annualized earnings impact were Apple to decide to absorb it completely. However, Apple has a "silver lining" from the decline in memory prices, which will likely offset a large portion of the tariffs even if the company kept retail prices consistent for 2019 phones relative to 2018 iPhones, says Chatterjee. The analyst keeps an Overweight rating on Apple shares with a $243 price target. The stock closed Friday down 5%, or $9.82, to $202.64.

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Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link