Welltower cut to In Line after recent outperformance: Evecore ISI

• Evercore ISI analyst Steve Sakwa downgrades Welltower (NYSE:WELL) to In Line from Outperform after the stock rallied almost 16% on the positive news on Pfizer/BioNTech's COVID-19 vaccine candidate and the emergency use authorization of Eli Lily's antibody treatment for the virus.
• "While we do expect senior housing to rebound off depressed levels, particularly given the demographic wave of baby boomers turning 80 beginning to take hold and new supply shut down, we are moving to the sidelines on WELL for the immediate term after this significant outperformance," Sakwa writes.
• He expects near-term market volatility due to the increasing COVID cases and near-term economic uncertainty.
• Still, he'd look for an opportunity to be more constructive on the stock on a potential pullback.
• Lifts price target to $64 from $60.
• His recommendations on three other healthcare REITs — Community Healthcare Trust (NYSE:CHCT), Healthpeak Properties (NYSE:PEAK), and Ventas (NYSE:VTR) remain at In Line; boosts price targets on CHCT to $52 from $51, PEAK to $31 from $30, and VTR to $45 from $43.
• https://seekingalpha.com/news/3636080-welltower-downgraded-to-in-line-after-recent-outperformance-evecore-isi