TABLE OF CONTENTS
3Q09 Preview: Middle-Mkt/Boutique Firms ................................................ 4
Composite Analysis ..................................................................................................4
Industry-wide Analysis..............................................................................................6
Middle-Market Company Previews............................................................ 13
Jefferies (JEF, $27.20, In Line)...............................................................................14
Piper Jaffray Co. (PJC, $47.63, In Line) .................................................................18
Thomas Weisel (TWPG, $5.31, Outperform)..........................................................22
Cowen Group (COWN, $7.13, In Line) ...................................................................26
KBW, Inc. (KBW, $30.93, In Line) ..........................................................................30
JMP Group (JMP, $9.40, Outperform)....................................................................34
Broadpoint Gleacher (BPSG, $8.02, Outperform) ..................................................38