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U.S. Bancorp Piper Jaffray Initiates Coverage of Five Software Applications

Companies; Analyst Initiates Coverage of SEBL, RETK, JDAS, LWSN and PCAF

MENLO PARK, Calif., Sept. 17 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray Senior Application Software Analyst Tad W. Piper today initiated coverage of the following companies:

-- Siebel Systems (SEBL, $8.18, #) with a Market Perform rating and a $9

price target, based on 29 times 2003 estimate earnings-per-share (EPS)

of $0.31;

-- Retek, Inc. (RETK, $4.39, #>) with a Market Perform rating and a $5

price target, based on 0.8 times enterprise value (EV) to 2003 revenues

of $231 million;

-- JDA Software Group, Inc. (JDAS, $12.70, #>) with a Market

Perform rating and a $11 price target, based on 20 times 2003E EPS of


-- Lawson Software, Inc. (LWSN, $3.72, @#>) with a Market Perform rating

and a $6 price target, based on one times enterprise value to calendar

year 2003 revenues of $405 million;

-- PrintCafe Software, Inc. (PCAF, $2.55, @#>) with an Underperform rating

and a $2 price target, based on an EV/sales multiple of 0.5 times our

2003 revenue estimate of $51 million.

Siebel's core strength is in sales force automation, but the company dominates many other areas of customer relationship management as well, including marketing automation, call center automation, field service and partner management.  Piper believes a guarded stance on Siebel is warranted given the continued difficult selling environment coupled with a number of key transitions -- restructuring of both property and personnel, a current product upgrade cycle and the recent change in sales leadership -- currently facing the company.

Piper believes that caution for the retail software providers including JDA Software and Retek, Inc. is warranted given recent consumer confidence data and the uncertainty surrounding the upcoming holiday season leads us to believe that retailers will be frugal with their information technology (IT) spending in the near-term.  In addition, Piper believes that forward estimates may be susceptible to downward revisions should this persist.

Lawson is a provider of Web-based e-business application software, which addresses the entire business lifecycle, improving the efficiency and profitability of operations.  Growth expectations remain very attainable for Lawson and the company has managed to keep the business on track despite the difficult environment, said Piper.  Recent weakness in the stock provides opportunity for long-term minded investors looking for a steady performer.  A material up-tick in growth will likely be necessary, however, to see an expansion in multiples.  Currently, this growth catalyst remains elusive.

PrintCafe is a provider of enterprise software solutions to the print industry, which enables both printers and print buyers to automate and improve the efficiencies of multiple stages of the printing process, from procurement to production to distribution.

We believe that given the amount of current debt, meaningful appreciation in the equity is unlikely in the near-term, said Piper.  The current valuation reflects much of this uncertainty, but we believe a potential shortfall in the September quarter could provide some near term downside risk.

Piper has been with U.S. Bancorp Piper Jaffray since 1999, most recently as a research analyst covering infrastructure software companies.  Prior to joining U.S. Bancorp Piper Jaffray, he was an investment manager and proprietary trader for Cargill Financial Services Asia in Singapore.  From 1994 to 1997 Piper was an investment manager for Edinburgh Fund Managers in Edinburgh, Scotland.

Piper holds a bachelor of arts degree in political-economy from Williams College in Williamstown, Mass.  In addition, he holds a Chartered Financial Analyst designation.  Piper lives in Menlo Park, Calif., with his wife and daughter.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based

U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of three divisions: Equity Capital Markets, Fixed Income Capital Markets and Private Advisory Services.  The firm provides a full range of investment products and services to individuals, institutions and businesses.  The firm has over 120 offices in 23 states across the country.  The Equity Capital Markets Division focuses on the needs of growth companies in the health care, technology, financial institutions, consumer and communications growth sectors.  The firm has a national reputation for its expertise in fundamental research and equity and debt financing.  The Fixed Income Capital Markets business provides bond issuers, individual investors and institutional investors expertise in investment banking, underwriting, trading, sales and research.  The firm offers innovative solutions in corporate and government debt financings with particular expertise in corporate, health care/hospitals, real estate, higher education and government debt.  The Private Advisory Services division financial advisors provide guidance in retirement planning, education planning, estate planning and wealth accumulation.  Investors select from a wide array of products, including fee-based products, stocks, bonds, mutual funds, annuities, insurance and trust services.  U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .

Rating Definitions

Investment Opinion: Investment opinions are based on each stock's return

potential relative to the overall market*, not on an absolute return.

-- Strong Buy:  Expected to outperform the relevant broader market index

over the next 6 to 12 months.  An identifiable catalyst is present to

drive appreciation.

-- Outperform:  Expected to outperform the relevant broader market index

over the next 12 to 18 months.

-- Market Perform:  Expected to perform in line with the relevant broader

market index over the next 6 to 12 months.

-- Underperform:  Expected to underperform the relevant broader market

index over the next 6 to 12 months.

* Broader market indices = Russell 2000 and S&P 500

Volatility Rating:  Our focus on growth companies implies that the stocks

we recommend are typically more volatile than the overall stock market.

We are not recommending the suitability of a particular stock for an

individual investor.  Rather, it identifies the volatility of a particular


-- Low:  The stock price has moved up or down by more than 10% in a month

in fewer than 8 of the past 24 months.

-- Medium:  The stock price has moved up or down by more than 20% in a

month in fewer than 8 of the past 24 months.

-- High:  The stock price has moved up or down by more than 20% in a month

in at least 8 of the past 24 months.  All IPO stocks automatically get

this volatility rating for the first 12 months of trading.

The following disclosures apply to stocks mentioned in this report if and as indicated: (#) U.S. Bancorp Piper Jaffray (USBPJ) makes a market in the Company's securities or may buy and sell the Company's securities on a principal basis. (ˆ) A USBPJ analyst who follows this Company or a member of the analyst's household has a beneficial interest in the Company's securities. (@) Within the past 12 months, USBPJ was a managing underwriter of an offering of, or dealer manager of a tender offer for, the Company's securities or the securities of an affiliate. (>) USBPJ has either received compensation for investment banking services from the Company within the past 12 months or expects to receive or intends to seek compensation within the next three months for investment banking services. (˜) A USBPJ analyst who follows this Company, a member of the analyst's household, a USBPJ officer, director, or other USBPJ employee is a director and/or officer of the Company.

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested.

USBPJ research analysts receive compensation that is, in part, based on revenues of USBPJ Equity Capital Markets that also include investment banking revenues.  USBPJ research analysts who follow this Company report to the Head of Equity Research who, in turn, reports only to the President of Equity Capital Markets.

This material is based on data obtained from sources we deem to be reliable; it is not guaranteed as to accuracy and does not purport to be complete.  This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor.  It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security.  Further, a security described in this release may not be eligible for solicitation in the states in which the client resides.  U.S. Bancorp and its affiliated companies, and their respective officers or employees, or members of their families, may have a beneficial interest in the Company's securities and may purchase or sell such positions in the open market or otherwise.  This report is a communication made in the United Kingdom by U.S. Bancorp Piper Jaffray to market counterparties or intermediate customers and is exclusively directed at such persons; it is not directed at private customers and any investment or services to which the communication may relate will not be available to private customers.  In the United Kingdom, no persons other than a market counterparty or an intermediate customer should read or rely on any of the information in this communication. Securities products and services offered through U.S. Bancorp Piper Jaffray, member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.   Gotoanalysts.com

Additional information is available upon request.

U.S. Bancorp Piper Jaffray Inc. is a member of the National Association of Securities Dealers, CRD number 665.



SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             09/17/2002

/CONTACT:  Dana H. Wade, Public Relations, of U.S. Bancorp Piper Jaffray, +1-415-277-1556/

/Web site:  http://www.piperjaffray.com  /


CO:  U.S. Bancorp Piper Jaffray; PrintCafe Software, Inc.; Lawson Software,

Inc.; JDA Software Group, Inc.; Retek, Inc.; Siebel Systems

ST:  Minnesota, California

-- MNTU010 --
5054 09/17/2002 14:03 EDT http://www.prnewswire.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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