Portillo's Shares Look Tastier After Activist Takes Interest -- Market Talk

Dow Jones08-17

1414 ET - Investor sentiment around the hot-dog chain Portillo's, whose shares are down 25% this year, should improve now that activist firm Engaged Capital has built a 9.9% stake in the company and held talks with the board about improving its performance, Baird analysts say in a research note. Shake Shack's stock has risen 68% since Engaged unveiled a position in the burger chain last year and successfully pushed for changes after threatening a proxy fight, the analysts say. "We suspect the mere presence of an activist could lead to greater optimism among investors that some positive changes/catalysts are ahead given the successful outcome for SHAK," the analysts say. Shares rise 1.4% to $12.03. (dean.seal@wsj.com)

(END) Dow Jones Newswires

August 16, 2024 14:14 ET (18:14 GMT)

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Shake Shack's stock has risen 68% since Engaged unveiled a position in the burger chain last year and successfully pushed for changes after threatening a proxy fight, the analysts say. \"We suspect the mere presence of an activist could lead to greater optimism among investors that some positive changes/catalysts are ahead given the successful outcome for SHAK,\" the analysts say. Shares rise 1.4% to $12.03. 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