Nomura Instinet analyst Jeffrey Kvaal downgraded Apple (AAPL) to Neutral from Buy and cut his price target for the shares to $175 from $185.

The iPhone maker closed yesterday up $2.45 to $176.42. The stock's gains for the iPhone X "supercycle are in the late innings," Kvaal tells investors in a research note. The analyst believes iPhone unit growth is well anticipated by consensus estimates and that Apple's multiple is now "historically full."

Kvaal believes now is the time to downgrade the shares but admits Apple's "user base and services growth are powerful tailwinds."