UPDATE: Wedbush Raises PT on Kenexa to $35 (KNXA)

Wedbush is out with its report today on Kenexa KNXA, raising its PT from $30 to $35. In a note to clients, Wedbush writes, "Our new price target reflects a ~3.3x multiple on our 2011 EV/Sales estimate (up from 2.5x) and is in line with subscription, consulting, and staffing company peers. We believe this multiple is appropriate as labor markets seem to have stabilized and the company's RPO business is picking up, but is a discount to peers with stronger, recent operating results." At the time of posting, shares of KNXA were trading at $29.82, up 1.36% from Friday's close.