Apple (AAPL) moving its supply chain and having its products made in the US is a "fantasy tale," Wedbush said in a Thursday note.

The company's gross margins will be impacted significantly in the near term as the tariffs of the Trump administration disrupt supply chains, Wedbush analysts said.

The company has diversified its supply chain, with the majority of iPhone production, over 50% of Mac products, and 75-80% of iPads out of China, the analysts said. However, the supply chain is still based in Asia and tariffs will still negatively impact the tech company, they noted.

Anxiety over the company's future prompted an 8.5% drop in Apple's share price Thursday.

The Wedbush analysts said it would take an estimated three years and $30 billion to move just 10% of Apple's supply chain into the US. If the products are produced in the country, price points would become two to three times more expensive, they said.

The analysts said they remained bullish on the stock as they focused on the company's long-term growth potential, saying Apple would overcome the current challenges.

Wedbush maintained the company' stock rating at outperform.

Price: 204.79, Change: -19.10, Percent Change: -8.53