Apple (AAPL) is leaning on India as a key part of its supply chain to manage growing risks tied to China tariffs, Wedbush Securities said.

CEO Tim Cook said over 50% of iPhones sold in the US are currently produced in India to sidestep tariff exposure. For the June quarter, Apple expects Vietnam will be the source for nearly all iPads, Macs, Apple Watches, and AirPods sold in the US, while the rest of the world remains largely supplied by China.

Wedbush, in a Thursday note, described India as the "life raft supply chain" that gives Apple breathing room amid an increasingly tense geopolitical environment. The analysts said this shift should help the company avoid a worst-case scenario of major disruptions and keep the iPhone 17 launch on track for September.

Tariffs are still expected to cost Apple $900 million in the June quarter, and Wedbush noted the situation could escalate or ease depending on political developments. Still, the firm said Apple appears to have a solid grip on the challenge, calling Cook "10% politician and 90% CEO - maybe now 20%/80%."

The firm remains confident in Apple's long-term positioning, citing its vast iPhone and iOS installed base and growing Services segment as key strengths for weathering market uncertainty.

Wedbush maintained its outperform rating on the company's stock and raised the price target to $270 from $250.

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