I don't think too many is the problem, especially in comics that deals with groups of characters since they can split up, it is more likely the confusion that multiple simultaneous publishing with obvious related titles can bring to the consumers. What is what and who's who? and even worst sometime was that before this event or after? The juggling of characters between issues and the slight incoherence generated by the switching of the creative teams. All of these things can make a BIG numbers of issues and releases seem HUGE and somewhat overwhelming.
Strong, not too long, story arcs and well identified timelines that let you know where you are makes the number of issues irrelevant to a certain degree.
So, just make things clear about what's what, then it doesn't matter how many there is.