Shares of American Eagle Outfitters Inc. fell 1.6% in premarket trade Monday, to pull back from a near 5-year closing high Friday, after the apparel retailer was downgraded at SunTrust Robinson Humphrey, which cited concerns that elevated inventories and promotions could limit gross margin upside. Analyst Pamela Quintiliano cut her rating to hold from buy, and trimmed her stock price target to $21 from $22. Quintiliano is also concerned over valuation, saying the stock continues to tick higher while fundamentals haven’t quite caught up. “Given the stock is trading at a premium across valuation metrics, has significantly outperformed on a [year-to-date] basis and just reached a 5-year high, we believe good news is largely priced in and prefer to step to the sidelines,” Quintiliano wrote in a note to clients. The stock has soared 22.9% year to date through Friday, while the SPDR S&P Retail ETF has gained 2.9% and the S&P 500 has tacked on 1.5%.