The tech giant got a rare downgrade this morning from Nomura Instinet analyst Jeffrey Kvaal, who says that iPhone X sales as well as other positives for the company are already baked into the stock price. He lowered the rating to neutral.

“We argue that the stock’s gains for the iPhone X supercycle are in the late innings,” Kvaal wrote. “We believe unit growth, if not quite Average Selling Price growth, is well anticipated by consensus and a historically full multiple.”

He added that the boost from services isn’t enough to lift the stock further at this point, and that repatriation might also be priced in.

Apple downgrades have been rare this year. Before today, two cuts to neutral or the equivalent in June were the last ones, according to data collected by Bloomberg. One of those firms has since upgraded the shares. Analysts are still overwhelmingly positive on the stock, which has been the largest contributor to the S&P 500 Index’s gains this year, with 36 firms rating it a buy, 8 advising hold and 0 sell recommendations.

Last week, Cowen analyst Karl Ackerman said that more customers could be opting for cheaper versions of the iPhone rather than the pricier iPhone X, suggesting that the average selling price could be lower than Wall Street anticipates.