Credit Suisse analyst Kulbinder Garcha this morning cut his rating on Alcatel-Lucent (ALU) to Neutral from Outperform, while keeping his price target at $3. The stock closed yesterday at $2.61.

“Since October 2008, we have argued that invested in ALU shares is principally a call on the company’s liquidity position,” he writes in a research note. “While we maintain that liquidity is not an imminent concern for Alcatel-Lucent, with shares having outperformed, up over 200% from the lows and up 80% year to date, we believe investor focus will shift to the company’s ability to deliver improved margins through restructuring efforts. Here, given that material evidence of this may not be apparent until late 201, we are moving to a Neutral rating.”

ALU today is down 2 cents, at $3.73.