J.P. Morgan U.S. FTM 20 May 26 QCOM; ANET; FLEX; INGM; CALX; Large-Cap Biotech and More

Research evidence excerpt

J.P. Morgan U.S. FTM 20 May 26 QCOM; ANET; FLEX; INGM; CALX; Large-Cap Biotech and More

Ken Goldman AC North America Equity Research

(1-212) 622-0359 20 May 2026 J P M O R G A N

ken.goldman@jpmorgan.com

complex multi-vendor advanced solutions including networking, server/storage, cybersecurity, IaaS, along with recent

enhancement with AIDA (Intelligent Digital Assistant), that helps Sales focus on value-add drivers.

Calix (Samik Chatterjee, CFA) (CALX, OW)

J.P. Morgan TMC Conference Takeaways

We hosted a fireside chat with Cory Sindelar, Chief Financial Officer, at our 54th annual J.P. Morgan Global TMC Conference.

Our key takeaways include:

Calix is working with early adopters who have all three clouds in Calix One to demonstrate the value of the platform in

order to eventually drive adoption throughout the rest of the customer base.

Large-Cap Biotech (Jessica Fye)

Back in the Fye-ght: Resuming Ratings & PTs On Our Largest Stocks

We are reinstating ratings, estimates, and price targets on 14 large-cap biotech companies and see this group broadly at an

inflection point with many of these biotechs converting pipeline success into durable, profitable commercial franchises. We see

several overarching dynamics at play within this universe: 1) multiple companies have recently transitioned to sustained

operating and even net income profitability (ALNY, ONC, ASND) or are on the cusp of doing so near-term (INSM, IONS, MIRM)

with potential for widening margins ahead

Mentions

J.P. Morgan Global TMC Conference (Ken Goldman)

Daily Wrap-Ups and Summaries (Day 2)

FIS (Tien-tsin Huang, CFA) (FIS, OW)

Marqeta (Connor Allen) (MQ, OW)

Cigna (Lisa C. Gill) (CI, OW)

Cigna Week Day 4: Evernorth and Express Scripts

US Biotechnology (Jessica Fye/Anupam Rama/Tessa T Romero/Brian Cheng)