Zyprexa

"In our view, slowing growth trends do not support Lilly's premium valuation," Moskowitz went on to say.

The stock's rallied strongly since late last year.

See interactive charting.

Separately, Merrill Lynch's David Risinger downgraded Lilly from buy to neutral, citing difficulties with Cymbalta, the company's antidepressant medication.

"The trigger for our downgrade is that Cymbalta is struggling to gain prescription share despite [the] company's new promotional efforts," Risinger said.

Risinger went on to say that analyst projections for the company's long-term growth likely are too optimistic.

Russ Britt is the Los Angeles bureau chief for MarketWatch.

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