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MINNEAPOLIS, May 13, 2004 /PRNewswire-FirstCall via COMTEX/ -- Piper Jaffray & Co. tied for seventh place with UBS and Deutsche Bank in the annual rankings for top equity research analysts. The annual rankings sort brokerage analysts in two categories: picking stocks and predicting earnings. In producing the rankings, StarMine considered only earnings estimates and stock recommendations made during calendar year 2003 and for companies based in the U.S. and Canada.

In addition to the firm's overall ranking, two of its analysts received top awards for stock picking and five received top awards for earnings accuracy. For stock picking, Eric Larson in food products and Bob Napoli in thrifts and mortgage finance received honors. Andrew Collins in commercial banks, Brett Manderfeld in IT Services (who ranked No. 2 overall in this sector), Bob Napoli in consumer finance and Ted Tenthoff in biotechnology all received honors in the earnings accuracy category.

"We are pleased with the rankings results for the firm and the individual analysts recognized," said Mike Ott, head of Equity Research at Piper Jaffray. "We believe this achievement reflects the emphasis we've placed on adding value to our clients and on producing differentiated research."

Smith Barney Citigroup ranked first overall, Goldman Sachs was second, J.P. Morgan was third, Legg Mason was fourth, Prudential Equity Group was fifth and Lehman Brothers was sixth.

Headquartered in Minneapolis, Piper Jaffray & Co., a subsidiary of Piper Jaffray Companies (NYSE: PJC), is a focused securities firm dedicated to delivering superior financial advice, investment products and transaction execution within selected sectors of the financial services marketplace. The company operates through two primary revenue-generating segments - Capital Markets and Private Client Services. Investment Research, an independent group reporting to the CEO, supports clients of both segments. The firm serves corporations, government and non-profit entities, and institutional investors on a national basis and serves the financial advisory needs of private individuals predominantly across the western half of the United States. The firm has approximately 3,000 employees in 111 offices in 23 states across the country and in London, England. For more information about Piper Jaffray, visit us online at .

    Since 1895. Member SIPC and NYSE.

SOURCE Piper Jaffray & Co.

Susan Beatty, Public Affairs and Media Relations, of Piper
Jaffray, +1-612-303-5680