Citigroup (C) downgraded Abbott Labs (ABT) Friday to sell from hold, citing profitability issues in 2010.
Citi said the company's recent purchase of Solvay Pharmaceuticals is masking the problems at the drug company. Abbott's research pipeline also is relatively weak, Citi said. Citi's analyst reaffirmed the stock's $52 price target.
Citi has forecast earnings per share of $4.18 in 2010. Abbott has said it expects profit between $4.20 and $4.25 per share while analysts predict earnings of $4.24 per share.
Shares of the company were down just under 2% in Friday trading.
