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MINNEAPOLIS, May 30 /PRNewswire-FirstCall/ -- Piper Jaffray is pleased to announce that its equity research analysts ranked sixth for their stock picking prowess among 72 firms highlighted in the Wall Street Journal's annual "Best on the Street Analyst Survey." The firms recognized in this year's survey were ranked according to the total number of "Best on the Street" awards their analysts earned. According to the Wall Street Journal, 213 analysts were ranked this year, though award-winning analysts were selected from a universe of more than 4,000 analysts at more than 280 firms. Of that group, 1,707 analysts met the survey's eligibility tests and qualified to have their research analyzed in detail.

Piper Jaffray Senior Research Analyst Peter Oakes received special recognition as a repeat winner this year in the restaurant industry. Oakes has been recognized in the "Best on the Street Analyst Survey" eight times and is a member of the survey's Hall of Fame. He received a No. 5 ranking in the restaurant industry in this year's survey. Oakes has been covering restaurants at Piper Jaffray since 2003.

The following Piper Jaffray senior research analysts were highlighted in this year's "Best on the Street Survey":

"This ranking is a true testament of our research quality and our dedication to provide clients with a proprietary and accurate research product and analysis," said Joel Denney, head of Investment Research at Piper Jaffray. "This is well-deserved recognition for a very talented analyst group. Congratulations to Jeff, Sean, Safa, Peter, Neely and Thomas."

Compiling the "Best on the Street" Survey

According to the Wall Street Journal, analysts' skill in picking stocks was measured using recommendation-performance scores. These scores were calculated by Thomson Financial on the basis of the estimated total return, including price changes and dividends, of each eligible stock an analyst covered in an industry. Total-return data were provided by Thomson Datastream.

Analysts got credit for being right about "buy" and "sell" recommendations. For a stock rated a "buy," a positive total return yielded a positive score on that stock, but a negative return produced a negative score. Similarly, for a stock rated "sell," a negative total return yielded a positive score while a positive return resulted in a negative score. "Hold" recommendations did not affect the score. The final performance score also reflects such factors as the number of stocks in an analyst's "portfolio." To be eligible, analysts must have been based in the U.S. or Canada. Typically, they worked for the same firm throughout 2005.

Piper Jaffray & Co. is the chief operating subsidiary of Piper Jaffray Companies (NYSE: PJC), 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 currently operates through two primary revenue-generating segments: Capital Markets and Private Client Services. The sale of the company's Private Client Services branch network, announced April 11, 2006, currently is pending. The company's Capital Markets business generates revenue through two groups, Corporate and Institutional Services and Public Finance Services. Through its chief operating subsidiary, Piper Jaffray & Co., the firm has served corporations, government and nonprofit entities, institutional investors and the financial advisory needs of private individuals since 1895. Piper Jaffray headquarters in Minneapolis and has approximately 2,800 employees in 107 offices in 23 states across the country and in London. For more information about Piper Jaffray, visit us online at .

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SOURCE Piper Jaffray & Co.

CONTACT: Susan Beatty, Media Relations, Piper Jaffray & Co.,
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