The J.P. Morgan Convert Conduit 5 Aug 26

Research evidence excerpt

Global Markets Strategy

US Convert Conduit

05 August 2026

The Convert Conduit is a daily summary of J.P. Morgan’s research on companies that have convertible

securities, as well asselected sector or strategy research that we expect will be of interest to convertible

investors.

Today’s Equity Research

Alphatec (Allen Gong): Eyes Turn to Back Half Execution Following a Good 2Q26

AMC Global Media (David Karnovsky, CFA): Updating Forecasts Following 2Q Results and Walking Dead

Agreement; Establish Dec-27 $9 PT and Maintain UW Rating

Arrowhead Pharma (Brian Cheng): An Early STARt Now in Hand with PRV; CY2Q Key Takes

Bruker Corporation (Casey Woodring): 2Q26 Recap: Top-line Miss and 3Q Guide-Down Leave Steep 4Q

Margin Ramp in Focus

Callaway Golf Company (Matthew R. Boss, CPA): Mgmt Follow-Up Takes & Model Implications; Establish

$19 Dec ’27 PT

Merck & Co., Inc. (Chris Schott, CFA): 2Q26 Takeaways: Focus Remains on Pipeline, Highlighted by

Potentially Broader sac-TMT Program

Pacira BioSciences Inc (Hardik Parikh, CFA): 2Q26 Takeaways: Exparel Miss/Higher Costs Leads to a

Tough Setup for 2H

Spotify (Doug Anmuth): Continued Solid Execution Despite MAU/Expense Noise; Still Tracking Toward AI

Music Tier; Overweight & $650 PT

Tanger Inc (Michael W. Mueller, CFA): 2Q FFO print comes in ahead; Leasing strategy driving good results

TransMedics Group (Allen Gong): Higher Spend and Limited Pipeline Updates Overshadow a ServiceDriven Revenue Beat

Travere (Anupam Rama): Quick Take – 2Q26 Earnings – Filspari BEAT In Partial Quarter Of FSGS Launch

U.S. Earnings Calendar (North America Equity Research): Week of August 10, 2026

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