Morningstar Rating

Stock Research and Analysis

by Michael Wong, CFA, CPA

Bulls Say

The company possesses a decent niche in the municipal securities market.
A larger proportion of asset management revenue should lead to sustainably higher-than-historical operating margins and more consistent earnings.
Turmoil in the municipal bond market could lead to trading opportunities for Piper Jaffray. Read more 

Bears Say

Scaling back on its international operations leaves the company less geographically diverse.
Troubles in the municipal bond market could lead to security write-downs for the company if it isn't positioned well.
The company has a history of underearning its cost of equity. Read more 

Management

Chairman and CEO Andrew Duff has been with the company since 1980 and has held various positions. Previously, he was chairman and CEO of Piper's broker-dealer subsidiary, president of the individual investor services and capital markets areas, and manager   Read more 

Profile

Piper Jaffray is an investment bank that primarily serves middle-market organizations with underwriting, financial advisory, trading, and asset management. The company has   Read more 

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