The firm lowered its price target on the stock to $30 from $42.
Following years of price hikes, European broadband customers are beginning to resist further increases, Credit Suisse analyst Henrik Herbst wrote to clients today.
The long-term "strategic" outlook for cable in Europe is slowly "deteriorating," he added.
Shares of the London-based Liberty Global were lover over 1% during early morning trading on Wednesday.
Retail's downturn giving you the blues? Jim Cramer has a list of retailers that are currently oversold, giving investors a leg up one of the market's most volatile sectors.