While Credit Suisse still believes that Vodafone can outperform the FTSE 100 in the next 12 months, it has cut its earnings forecasts to reflect a weaker European economic outlook.Following poor economic indicators, accelerated austerity plans in Italy, Greece and Spain, and cuts to gross domestic product (GDP) estimates, the Swiss broker now assumes weaker growth trends for countries across Europe.In turn, as the broker continues to see a direct relationship between real GDP and mobile spend, earnings per share forecasts by up to 7% for Vodafone.However, the impact of this is party outweighed by improving trends in India: "the outlook for India continues to improve with pre-paid price rises at the margin of up to 30% and dealer commissions being cut. Vodafone India could well surprise positively on margin growth this year," the broker said.The target price is cut from 185p to 175p.Shares in Vodafone were 0.06% down at 163.1p by 11:24 on Thursday.BC