"Jana ... could be the catalyst that investors have been waiting for," David Englander writes, regarding the activist fund's recent disclosure (see here and here) of a 13.5% stake in Outerwall (OUTR).
Barron's thinks Jana is likely to "push management to boost cash generation and return more capital to shareholders."
More specifically, "shareholders might urge management to pare new ventures, sell its stake in Redbox Instant, push the company to add debt, [or sell] Coinstar, which might fetch $500M."
Wedbush thinks a "cash harvest" could eventually lead to "a large buyback" and the initiation of a dividend. More on Wedbush's thoughts here.
Ultimately, Englander says the shares have "more upside ahead."