J.P. Morgan U.S. SMid FTM 20 May 26 INGM; CALX; Large-Cap Biotech and More

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J.P. Morgan U.S. SMid FTM 20 May 26 INGM; CALX; Large-Cap Biotech and More

North America Equity Research

U.S. SMID First to Market 20 May 2026

Top Stories

Ingram Micro (Samik Chatterjee, CFA) (INGM, UW)

J.P. Morgan TMC Conference Takeaways

We hosted a fireside chat with Mike Zilis, Chief Financial Officer, at our 54th annual J.P. Morgan Global TMC Conference. Our

key takeaways include:

Expect material investments to further Xvantage to last for another 4-6 quarters. Xvantage is Ingram’s single-instance

user experience platform that brings a B2C-like experience into a B2B environment, enabling touchless procurement of

complex multi-vendor advanced solutions including networking, server/storage, cybersecurity, IaaS, along with recent

enhancement with AIDA (Intelligent Digital Assistant), that helps Sales focus on value-add drivers.

Calix (Samik Chatterjee, CFA) (CALX, OW)

We hosted a fireside chat with Cory Sindelar, Chief Financial Officer, at our 54th annual J.P. Morgan Global TMC Conference.

Our key takeaways include:

Calix is working with early adopters who have all three clouds in Calix One to demonstrate the value of the platform in

order to eventually drive adoption throughout the rest of the customer base.

Large-Cap Biotech (Jessica Fye)

Back in the Fye-ght: Resuming Ratings & PTs On Our Largest Stocks

We are reinstating ratings, estimates, and price targets on 14 large-cap biotech companies and see this group broadly at an

inflection point with many of these biotechs converting pipeline success into durable, profitable commercial franchises. We see

several overarching dynamics at play within this universe: 1) multiple companies have recently transitioned to sustained