HSBC cuts U.S. telecoms in shifting environment汇丰银行在不断变化的环境中削减美国电信业务

原标题：HSBC cuts U.S. telecoms in shifting environment汇丰银行在不断变化的环境中削减美国电信业务 来源：seekingalpha

HSBC is out downgrading U.S. telecoms in a general environment facing evolving business models and hot competition.

That particularly lands on more content-facing companies, the bank says: The "evolving content business model and increasing competition leads us to be more cautious on the pay-TV business and operators with greater exposure to content revenues.”

That evolving model includes the entry of well-funded rivals like Apple into content production with aggressive pricing and direct distribution, the bank notes.

It's cutting ratings to Hold (from Buy) on AT&T (T-0.8%), Verizon (VZ-0.3%), T-Mobile (TMUS-1.3%) and Altice USA (ATUS-0.4%). Updated price targets vs. current price: $42 for AT&T (8% upside); $65 on Verizon (10% upside); $86 on T-Mobile (12% upside); $28 on Altice USA (5% upside).

Meanwhile, it's maintaining a Buy rating on Comcast (CMCSA+0.1%).

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在面临不断变化的商业模式和激烈竞争的大环境下，汇丰银行(HSBC)下调了美国电信业的评级。

世行表示，这尤其适用于更多面向内容的公司：“不断发展的内容业务模式和日益激烈的竞争导致我们对付费电视业务和对内容收入敞口更大的运营商更加谨慎。”

银行指出，这种不断发展的模式包括像苹果这样资金雄厚的竞争对手以激进的定价和直接分销进入内容制作领域。

它下调了AT&T(T-0.8%)，Verizon(VZ-0.3%)，T-Mobile(TMUS-1.3%)和Altice USA(ATUS-0.4%)的收视率。更新后的目标价格与当前价格相比：AT&T为42美元(上涨8%)；Verizon为65美元(上涨10%)；T-Mobile为86美元(上涨12%)；Altice USA为28美元(上涨5%)。

与此同时，它维持了康卡斯特的买入评级(CMCSA+0.1%)。

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