BT Share News (BT.A)

British Sky Broadcasting's share price took a knock on Thursday after analysts at HBSC said that the recent rally suggests that 'significant risks' are being overlooked.The bank kept an 'underweight' rating on the broadband and pay-TV group, while the target price for the shares has been cut from 610p to 600p.HSBC said that fears about the upcoming auction of Premier League rights are likely to resurface following the stock's recent rally. "The performance of the BSkyB share price since the beginning of 2014, +10.8% relative to STOXX Media index, suggests that the company's efforts to move investors' focus on from concerns surrounding the competition for Premier League football rights have been successful."According to reports, bidding for the rights to the three football seasons starting in 2016/17 may begin in less than a year. As such, HSBC said that "focus will soon, once again, return to the risks of a further step-up in competitive intensity, and the implications for Sky's cost base".The bank said that the significant investment by BT to-date means that the company will likely make a bid "and, with little prospect of any other credible challenger given the high stakes, we think is likely to win".The stock was down 2.6% at 895.06p by 12:35.BC