Apple (AAPL) shares slid Friday amid worries about tariffs after CEO Tim Cook warned they could cost the company $900 million this quarter.

Shares of Apple dropped nearly 4% in recent trading to about $205. The stock has lost close to a fifth of its value so far this year.

“The elephant in the room continues to be the tariff tornado with Apple and Cook caught in the eye of the storm,” Wedbush analysts said after the company released its fiscal second-quarter earnings, which topped analysts’ estimates. Still, the analysts remain bullish on the stock and raised their price target to $270 from $250, based in part on Cook’s assertion during Apple’s earnings call that most iPhones sold in the U.S. this quarter will come from India, rather than China.

Cook’s comments come amid concerns Apple could be particularly hurt by trade tensions with China, where Apple manufactured an estimated 90% of its products until recently. Most Apple products are exempt from President Trump’s 125% “reciprocal” tariffs on Chinese goods, but still affected by the 20% import tax the White House put in place earlier in the year to combat fentanyl trafficking, Cook noted during Thursday’s call.

JPMorgan analysts on Friday cut their price target for Apple to $240 from $250, and Bank of America moved to $235 from $240. JPMorgan warned Apple may be able to get ahead of the impact of tariffs by building up inventory, but that benefit will fade the longer the levies are in place.

Last week, Trump said he expects tariffs on China “will come down substantially” in trade negotiations but not drop to zero. This week, a spokesman for China’s Commerce Ministry said Beijing is “currently evaluating” U.S. proposals to start trade talks.