** Citigroup cuts PT on LNG company Venture Global VG.N to $9 from $16

** New PT represents 17.2% downside to stock's last close

** Brokerage cuts PT, citing lower LNG margins and inclusion of potential ~$5 billion arbitration liability

** Analysts say they are softening their buyback expectations given pending arbitration liability

** "We estimate the stock is currently imputing lower LNG margins, minimal future growth, and/or additional negative arbitration outcomes" - brokerage

** Eight of 15 brokerages rate the stock "buy" or higher and 7 "hold"; median PT is $12.50 - data compiled by LSEG

** Up to last close, VG down ~70% since its NYSE debut in January

(Reporting by Dharna Bafna in Bengaluru)

((dharna.bafna@thomsonreuters.com))