Shares of First Solar Inc. /zigman2/quotes/209356097/composite FSLR -0.42% slipped 0.2% in afternoon trading Monday, bucking the rally in the broader stock market, after UBS analyst Jon Windham backed away from his long-time bullish call on the solar power systems company, citing "limited upside catalysts" to keep the rally going. The stock has run up 66.1% over the past six months, but has pulled back 8.0% since closing at a near-10-year high of $107.53 on Jan. 21. Meanwhile, the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.87% , which rallied 1.6% on Monday, has gained 15.3% the past six months. Windham cut his rating on First Solar to neutral, after being at buy since March 2018, but lifted his stock price target to $110 from $95. "We had previously expected the potential for an extension of the U.S. Federal investment tax credit (ITC) to support a higher multiple for [First Solar] shares and that thesis has not played out," Windham wrote in a note to clients. He said there is potential for the post-election policy enthusiasm to lead to disappointment in the actual pace of new renewables deployments. While Windham sees "limited" upside potential for the stock, he said there was also limited downside risk, given the company's "highly contracted backlog."