(ShareCast News) - Vodafone was under the cosh on Tuesday after Citi downgraded the stock to 'neutral' from 'buy' but raised the target price to 245p from 240p.Citi said it does not expect a "significant positive catalyst" for another two quarters following the company's full year results in May, as its joint venture with the Netherlands is likely to take until the end of the year to close.Vodafone and Liberty Global are merging their operations in the Netherlands. They will create a 50-50 joint venture, combing Liberty's Ziggo cable operator and Vodafone's mobile operations. Vodafone in May posted its first quarter of revenue growth in Europe since the end of 2010. Europe revenue grew 0.5% in the fourth quarter as two of Vodafone's biggest markets, Germany and Italy, returned to growth.For the full year, the company reported a 2.7% gain in ear earnings before interest, tax, depreciation and amortisation on a 2.3% increase in total revenue."We downgrade Vodafone to 'neutral' from 'buy' as the stock looks up with events after a decent performance," said Citi analyst Simon Weeden."Vodafone has so far ridden out the general political risk in Europe, outperforming UK stable-mate BT by 27% year-to-date (YTD) (only partly due to £/€ -13% YTD), but the October constitutional referendum in Italy could challenge this, among other election risk"In Italy we also see potential for greater competitive pressure with Iliad positioning to enter the market. We update our forecasts and transfer to Euros from sterling, lowering growth in the UK (near term) and Italy (longer term)."Shares fell 1.50% to 226.55p at 1105 BST.