J.P. Morgan U.S. FTM 21 May 26 AEE; TENB; VRNS; FROG and More

Research evidence excerpt

J.P. Morgan U.S. FTM 21 May 26 AEE; TENB; VRNS; FROG and More

North America Equity Research

U.S. First to Market 21 May 2026

Top Stories

| Ameren Corporation (Jeremy Tonet, CFA) (AEE, OW)

We Can’t Fight This Feeling Anymore: UG to OW; Data Center Growth, MO Very Constructive &

Lower Political Risk, Transmission Wins, & Financial Flexibility

We upgrade AEE to Overweight from Neutral following our bullish AGA meeting. With data center datapoints piling up, we have

higher confidence in the company’s growth outlook and see the potential for the EPS CAGR to inflect higher. Moreover, recent

transmission project wins accentuate this strong growth potential. Over the course of our recent NARUC and Commissioner

meetings, we have grown to appreciate MO’s very constructive regulatory environment, where large load tariffs, rate design,

and SB4 implementation aid affordability and all stakeholders.

Tenable (Brian Essex, CFA) (TENB, OW)

J.P. Morgan TMC Conference Takeaways

Today we hosted Tenable Co-CEO Mark Thurmond and CFO Matt Brown at our 54th annual TMC conference in Boston,

MA. We highlight some of the key takeaways below:

Demand broadening into Wiz displacement and elevated CISO engagement, sales capacity up 10% Y/Y. On the demand

side, large AWS and Azure-centric customers have expressed concern about Wiz roadmap independence following the Google

acquisition, and management indicated that Wiz’s pricing is very expensive.

Varonis (Brian Essex, CFA) (VRNS, OW)

Today we hosted Varonis CFO & COO Guy Melamed and SVP of Strategic Programs David Gibson at our 54th annual

TMC conference in Boston, MA. We highlight some of the key takeaways below:

Flat-rate conversions preserve installed base; sales focused on new logo growth. Management detailed a shift in