J.P. Morgan U.S. FTM 10 Jun 26 ILMN; BELFB and More

Research evidence excerpt

J.P. Morgan U.S. FTM 10 Jun 26 ILMN; BELFB and More

North America Equity Research

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U.S. First to Market 10 June 2026

Top Stories

| Illumina, Inc. (Casey Woodring) (ILMN, OW)

Upgrading to Overweight on a Sticky Clinical User Base and Test Volume Runway Following

Customer Survey; PT to $185

Illumina (ILMN) has been one of the most highly debated stocks in our space over the last year and a half since Roche

(ROG.SW, covered by J.P. Morgan analyst Richard Vosser) introduced its Sequencing by Expansion (SBX) technology

underpinning its new Axelios 1 sequencer (see our AGBT note for more). We have been on the sidelines this year with a

Neutral rating, looking for more visibility into the competitive landscape in addition to Academic & Government (A&G) budget

constraints.

Init | Bel Fuse Inc. (Tomohiko Sano) (BELFB, OW, PT $370.00)

Operational Pivot with Multi-End-Market Torque: Initiating at Overweight with YE27 PT of $370

We are initiating coverage of Bel Fuse (BELFB) with an Overweight rating and a YE27 $370 price target, representing ~30%

upside potential from current valuation levels. Bel powers, protects, and connects electronic circuits across aerospace and

defense, networking and data centers, telecom, and industrial end markets. We see a multi-year strategy and operational

execution reset with a focus on clearer accountability, tighter pricing discipline, and improved operational delivery.

Mentions

Freeport-McMoRan (Bill Peterson) (FCX, OW)

Investor Meeting Takeaways

North America Steel (Bill Peterson/Bennett Moore)