NEW YORK, Oct 22 (Reuters) - Activist investor Keith

Meister is not embarrassed about lagging behind other corporate

agitators, saying his rivals' work has led him to buy companies

such as Illumina ( ILMN ), Dollar Tree ( DLTR ) and Fortrea ( FTRE )

where he argues the stocks are due for big gains.

"They have already done the work and we think they are

credible," said Meister, founder of Corvex Management, referring

to the work of his former boss, Carl Icahn, Paul Hilal who runs

Mantle Ridge, and Jeff Smith who runs Starboard Value.

Following other activists into a stock, he said at the 13D

Monitor Active-Passive Investor Summit in New York on Tuesday,

can be a productive strategy.

Icahn ran a proxy fight at gene-sequencing company Illumina ( ILMN )

in 2023, won a board seat and soon after saw a new chief

executive arrive.

Hilal campaigned for change at retailer Dollar Tree ( DLTR ) and

brought in a new CEO from rival Dollar General ( DG ) where the

executive had already overseen improvements.

Smith nudged contract research organization Fortrea Holdings ( FTRE )

to make changes.

Meister said these firms have done considerable research and

made sensible suggestions that kick-started change. But

improvements take time and he said he was able to buy into these

names at opportune times.

Meister sees room for Illumina's ( ILMN ) stock price, which has

already gained 24% in the last 52 weeks, to gain 50% more.

Similarly, he said Dollar Tree's ( DLTR ) stock price could rise 50%,

having dropped 39% in the last 52 weeks. Fortrea's ( FTRE ) stock price

has dropped 36% in the last 52 weeks and Meister said he thinks

the stock can surge as much as 42%.