** Shares of hospital operators HCA Healthcare , Tenet Healthcare and Community Health Systems fall between 1% and 6% in early trading

** Brokerage Raymond James downgrades hospital group ahead of potential headwinds including an expected reduction in 2026 in the number of patients seeking hospital services under Obamacare plans, which currently represent a high single digit percentage of revenues

** Downgrades HCA to "market perform" from "outperform" and THC to "outperform" from "strong buy" citing that their revenues are most likely to be hurt due to a reduction in volumes

** Brokerage expects about 20% drop in Obamacare patients across the sector, due to a new republican run government, and additional subsidies related to these plans for hospitals ending in 2025

** Brokerage also cuts CYH to "underperform" from "market perform" and maintains rating on UHS at "market perform"

** Adds that potential reform of state-backed Medicaid insurance plans is another point of risk for hospitals as patients from these plans have represented an improving source of earnings and margins

** As of last close, HCA up 20.5% , UHS up 29%, CYH up 13% and THC up 90%

(Reporting by Sriparna Roy and Bhanvi Satija in Bengaluru)

((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))