* Republican win a risk to health care reform?

* Democrats may still try to push through legislation

NEW YORK, Jan 15 (Reuters) - Healthcare stocks could rise next week if Republicans pull off a shock victory in Tuesday’s Massachusetts Senate election that endangers U.S. healthcare reform, analysts and investors said on Friday.

A victory by State Senator Scott Brown may bode well for the shares of healthcare companies, including health insurers, which have been under siege by an overwhelmingly Democratic U.S. government.

But the market impact of such an outcome could be muted by expectations Democrats will attempt to push through the reform legislation quickly.

Some polls in heavily Democratic Massachusetts say the race between Democrat State Attorney General Martha Coakley and Brown, her Republican opponent, is too close to call. [ID:nN14193402]

A victory by Brown could leave the Democrats short of the margin needed to pass reform legislation.

“If you even just put the concept of healthcare reform into question, everything we’ve climbed the wall and worried about for this sector can get thrown out the window,” said David Heupel, a portfolio manager with Thrivent Investment Management.

Heupel said medical technology companies, which face a tax under reform legislation, could receive the biggest boost. Health insurer stocks, which have already had a strong run in recent weeks, could rise about 5 percent too, Heupel said.

Health insurers such as UnitedHealth Group Inc UNH.N and WellPoint Inc WLP.N face among the most substantial changes to their business if health reform passes. Despite the recent rally in the stocks, Tim Nelson, a healthcare analyst with First American Funds, said health insurers stand to be the biggest gainers in a Republican victory.

If Brown wins, “multiples could expand really across the board,” Nelson said. “But that has be tempered by the magnitude of his victory and a lot of logistical issues that will then move to the forefront.

“They’ll all go up in anticipation this will mean the death of healthcare reform, but that’s not guaranteed.”

The healthcare overhaul that would extend insurance coverage to more than 30 million Americans is President Obama’s top domestic priority. It also will impose new regulations and taxes for many health industries.

Negotiators in the Senate and House of Representatives are working to reconcile their respective bills and closed in on a final deal on Friday. [ID:nN15114914]

Tuesday’s special election in Massachusetts will fill the seat of the late Edward Kennedy, a political giant and staunch proponent of health reform, who died of brain cancer in August after holding the seat for 46 years.

Kim Monk, a healthcare analyst with Capital Alpha Partners in Washington, said that, while the election “could have huge implications for health reform,” Democrats are likely to try passing a bill before Brown could take office, stalling if necessary.

“Timing is critical,” Monk said in a research note, adding that the results could be a “major game changer for health reform.”

Ira Loss, an analyst with Washington Analysis, said the biggest challenge for Democrats if Brown wins will be getting the bill through Congress before he takes his seat.

“People expect the stock market to move higher (on a Republican victory), but I’m not sure that’s true,” Loss said.

“I don’t think Brown’s win would change the outcome of reform. It’s one person arriving late.” (Additional reporting by Susan Heavey in Washington and Debra Sherman in Chicago; editing by Andre Grenon)