RBC Bearings Inc., which makes bearings for aerospace and industrial markets, fell Tuesday after an analyst downgraded the stock, which has doubled in value since the last quarter.

Peter Lisnic of Baird changed his rating on shares of the Oxford, Conn., company to "Neutral" from "Outperform" after the shares closed Monday at $23.76, up from its March 9 close of $12.27.

That price means the stock — which in afternoon trading fell $1.26, or 5.3 percent, to $22.50 — is significantly more expensive than its peers, he said in a client note.

"While RBC Bearing's sizable aftermarket revenue base and aerospace content gains could help offset general industrial and aerospace original equipment manufacturer market declines, near-term visibility for key growth programs such as the Boeing 787, the Joint Strike Fighter, and large-diameter bearing applications remains limited," he said.

Lisnic has a $22 price target on the stock.

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