J.P. Morgan U.S. FTM 12 May 26 ALMR; CE; Mistral AI and More

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J.P. Morgan U.S. FTM 12 May 26 ALMR; CE; Mistral AI and More

North America Equity Research

U.S. First to Market 12 May 2026

Top Stories

Init | Alamar Biosciences (Casey Woodring) (ALMR, OW, PT $30.00)

Pushing Proteomics from Discovery to Diagnostics; Initiating at Overweight with a $30 PT

We are initiating coverage of Alamar Biosciences (ALMR) with an Overweight rating and a DCF-derived December 2026 PT of

$30. ALMR is a proteomics platform company whose proprietary Nucleic Acid Linked Immuno-Sandwich Assay (NULISA)

chemistry, run on the ARGO instrument, is creating a new gold standard in protein measurement by combining ultra-high

sensitivity with flexible multiplexing and full automation.

| Celanese (Jeffrey J. Zekauskas) (CE, OW, PT $68.00)

We Upgrade to Overweight Based on Valuation

We rate Celanese Overweight for year-ahead performance. Celanese’s share price has moved lower (14%) from almost $69

last week versus the market, which is 2% higher. There was some disappointment with expected growth in Celanese’s free

cash flow generation, in addition to lower tensions around the conflict in Iran. We value Celanese on a sum-of-the-parts basis,

and our price target is $68.

Private Company Research

Mistral AI (Aaron Steiker)

From Paris, With Intelligence

Named after the powerful winds that sweep across southern France, Mistral AI has rapidly become Europe’s most valuable AI

company (€11.7bn, Sep-25). Founded in 2023 by three AI researchers—Arthur Mensch (ex Google DeepMind), Guillaume

Lample, and Timothée Lacroix (both ex Meta AI)—Mistral first captured mindshare with small, high-performing open-weight

models.

Mentions

Boston TMC Question Bank (Alexei Gogolev)

Vertical SaaS & HealthTech