Barclays analyst Manav Patnaik raised his price target for Aramark to $45 from $35 while keeping an Equal Weight rating on the shares. With Mantle Ridge's 20% economic stake, followed a week later by CEO Eric Foss' retirement, "change is clearly coming" to Aramark, Patnaik tells investors in a research note. This has been well received by investors, adds the analyst, who notes the stock is up 24% since the report of Mantle's interest on May 30. However, Patnaik wants to see a new management team articulate upcoming changes before becoming more constructive on the shares. His analysis suggests n "limited M&A optionality" for Aramark. While cost savings can drive earnings upside, a further valuation re-rating from here will have to come from organic growth acceleration, says Patnaik.