** Brokerage BofA Global Research downgrades hospital operator HCA Healthcare HCA.N to "neutral" from "buy", trims PT to $394 from $410

** New PT still implies a ~6% upside to the stock's last close

** Shares of HCA fall 2.9% to $361.17

** The recently passed Reconciliation Bill includes cuts to Medicaid, and ACA exchanges are expected to reduce patient volumes and increase bad debt for hospitals, BofA says

** BofA believes HCA is less affected by these changes than other hospital companies, partly due to its scale; however, it will still face pressure on growth and earnings

** The expiration of enhanced exchange subsidies could add further pressure starting in 2026- BofA

** As of last close, HCA stock up 20.3% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))