(Bloomberg) -- Ionos SE’s days as an all buy-rated stock are over.

Morgan Stanley downgraded the German web host to equal-weight after a stellar six months for the stock, citing concerns over growth risks and earnings quality.

The downgrade is the first by an investment bank since last year’s initial public offering. After an initially disappointing debut, Ionos shares rallied, boosted by upgrades from big brokers such as Morgan Stanley and JPMorgan Chase & Co. The stock is up more than 80% in the past six months.

Analysts led by George Webb are now turning more cautious, saying that after the stock’s strong run, they see Ionos as a riskier investment especially after this month’s first-quarter results, while the valuation gap to US peer GoDaddy Inc. is no longer as spectacular.

“A sharp increase in sequential absolute revenue is needed, and we think volatility may focus investors on the earnings quality of the domain parking business,” they wrote in a note.

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