Shares of appliance maker Whirlpool (WHR) - Get Report  were falling more than 2.5% Wednesday after the company was downgraded at KeyBanc due to concerns about valuation.

KeyBanc now has a sector weight rating on the stock after previously having it at overweight. The firm noted that Whirlpool has seen its share price rise 42% year to date, outpacing the sector and the market during its run. 

Valuation isn't the only concern, however, as the firm also noted that a slowing global economy could pressure margins. 

"We are concerned that slowing GDP in Europe, China, and now India may complicate existing plans to expand margins, while increasing competition. In NA, we see flattish demand as the likely growth rate in FY20, and while we think WHR maintains effective pricing power, the FY19 benefit of falling input costs that helped FY19 margins will not persist indefinitely," analyst Kenneth Zener said. 

The firm didn't issue a price target for the stock, but did give a bull case price target of $185 a share with its bear case price target of $113.

Whirlpool was down 2.54% to $148.34 in trading Tuesday.