Apple just got a rare downgrade.

What catalyst will propel Apple’s market value above $1 trillion? The Republican tax cuts? The iPhone X? Growth in Apple’s services business?

While that question has been a favorite question of market watchers for years, it has become more relevant recently as Apple’s market capitalization has crossed the $900 billion mark.

But Nomura Instinet’s Jeffrey Kvaal on Tuesday threw some cold water on those bets. In a report, the analyst lowered his rating on Apple’s stock to neutral. Mr. Kvaal wrote:

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

Apple’s stock has gained 55 percent this year and is up nearly 10 percent since it unveiled the iPhone X.

Bloomberg notes that downgrades of Apple’s stock don’t happen too often.

“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, eight advising hold and 0 sell recommendations.”

— Stephen Grocer

Germany has opened a new front in Europe’s fight with Silicon Valley.

Germany’s Federal Cartel Office published preliminary findings from a 20-month investigation that Facebook abused its dominant position as a social network in Germany to collect user data from third parties. The Wall Street Journal reports:

“While Tuesday’s findings won’t lead to fines, they pave the way for Germany to order changes in the way Facebook does business when it issues a final decision as early as summer 2018. If upheld in European Union court, this new line of attack could eventually expand the boundaries of competition law across the bloc to encompass questions of online privacy. “Germany’s case turns privacy into a competition issue by arguing that Facebook is the only major social network in Germany, with more than 90% market share, leaving users no choice but to accept its take-it-or-leave-it terms of service—which include consent for the collection of third-party data.”

The investigation is the most recent example of European authorities going after big American tech companies. Here are a few:

• The European Union fined Google a record $2.7 billion for unfairly favoring some of its own services over those of rivals.

• The European Union ordered Ireland to collect $14.5 billion in unpaid taxes from Apple.

• The European Union ordered Luxembourg to collect around $293 million in unpaid taxes from Amazon.