No Change to Outlook for Whole Foods as Jana Partners Takes a 9% Stake, Suggests a Sale
We do not plan to change our $31 per share valuation for narrow-moat Whole Foods significantly after activist investor Jana Partners built a 9% stake. A Wall Street Journal report indicates the fund will press the natural foods purveyor’s management team to make operational improvements and investigate the potential for a sale of the company. While we believe the news suggests upside potential, we do not anticipate altering our long-term outlook (which calls for mid-single-digit top-line growth ...
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