Shares of Bloom Energy Corp. /zigman2/quotes/209802424/composite BE +0.41% are off 5% in premarket trading Thursday after a downgrade to market perform from outperform at Raymond James. Analyst Pavel Molchanov called the rating change a "straightforward valuation-based downgrade" following Bloom Energy's nearly 90% rally so far in 2020. "While Bloom has reached at a level where we are no longer comfortable recommending it, it is far from the frothiest clean tech stock: that (ahem) distinction belongs, in our opinion, to Enphase /zigman2/quotes/207948472/composite ENPH -5.65% ," Molchanov wrote. Despite his concerns about valuation, Molchanov likes Bloom's underlying trends. "Thinking beyond the stock's relentless volatility since its IPO in mid-2018, most recently the accounting restatement announced last week, the basic parameters of the fundamental story have remained largely consistent," he wrote. The company disclosed last week that it had made accounting errors in its financial results since its mid-2018 IPO and said that it would have to restate financial results. The stock has risen 117% over the past three months, as the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.13% has risen 8.9%.