JPM | US Special Situations Daily: June 23, 2026: North America Special Situations Specialist Commentary

Research evidence excerpt

JPM | US Special Situations Daily: June 23, 2026: North America Special Situations Specialist Commentary

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A N

neetu.jhamb@jpmorgan.com JPM | US Special Situations Daily:

J.P. Morgan Securities LLC EPC said to have rejected $30 offer,

CNTA last trading day

23 June 2026

• Amazon.com: Prime Deep Dive Suggests 10x Value Potential for Members, 370M+ Subs Ending 2026, Agentic

Advantages; Prime Day Shifts ~$7B-$8B Incremental Revenue Into 2Q26 - Doug Anmuth hereFollowing up on last

week’s Retail vs. AMZN Episode 14: Retail vs. AMZN in an Agentic World (report, slides, video replay) published w/JPM

Retail analyst Chris Horvers, this section provides a deep dive on Amazon Prime. Our analysis suggests potential value to

members of more than 10x the annual $139 cost in the US, possible price increases 2026 into 2027, 370M+ Prime subs ending

2026, & $7B-$8B of incremental revenue shifting into 2Q26. Amazon remains a Best Idea & on the JPM Analyst Focus List.

Our December 2026 PT of $330 is based on ~32x our 2027E GAAP EPS of $10.38.

Event Driven Options Activity

• AMZN (60 trades over 500 contracts), WBD (11 trades over 500 contracts), GETY (8 trades over 500 contracts), IONQ (5

trades over 500 contracts), CHTR (4 trades over 500 contracts), QRVO (2 trades over 500 contracts), QXO (2 trades over 500

contracts), KVUE (1 trade over 500 contracts), RIG (1 trade over 500 contracts), SGI (1 trade over 500 contracts), SWKS (1

trade over 500 contracts), VAL (1 trade over 500 contracts

Special Situations Commentary

• JPM | US Special Situations: FT Reporting that ABBV is in advanced talks to acquire Apogee Therapeutics for ~$11bn -

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