The major telecom companies were mixed Thursday after an HSBC analyst reduced his ratings on a number of the stocks, citing concern about increased competition and the industry's changing content business model.

Analyst Sunil Rajgopal downgraded AT&T (T) - Get Report , Verizon (VZ) - Get Report , T-Mobile (TMUS) - Get Report  and Altice USA (ATUS) - Get Report to hold from buy. He affirmed reduce ratings on Dish (DISH) - Get Report and Sprint (S) - Get Report .

Comcast (CMCSA) - Get Report was the only U.S. telecom on which Rajgopal affirmed a buy rating.

In a note to investors, Rajgopal said the "evolving content business model" and increasing competition lead him to be more cautious on the pay-TV business and operators with greater exposure to content revenue.

He said producers are increasingly distributing their content directly to consumers rather than relying on the cable and satellite aggregators.

He also noted that the entry of well-funded companies like Apple (AAPL) - Get Report into content production and distribution "with its low sticker price" adding to the concern.

Apple recently launched AppleTV+, and on Wednesday CNBC reported that Disney's (DIS) - Get Report highly anticipated new streaming service, Disney+, has already snagged more than 10 million subscribers since it launched on Tuesday.

Disney was the biggest gainer within the Dow Jones Industrial Average and the S&P 500 on Wednesday, when those benchmarks closed at records.

The analyst cut his pay-TV subscriber estimates for Comcast, AT&T, Charter (CHTR) - Get Report and Altice.

He lowered his price target for Altice to $28 from $30, raised his target for AT&T to $42 from $38, raised his target for Verizon to $65 from $62, and affirmed an $86 target on T-Mobile.

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