Citi Raises Price Target On 51Jobs (JOBS)

Citi Investment Research raised its price target on 51job, Inc. JOBS to $58 from $47 after it reported earnings. It has a Buy rating on shares. In the research report sent to clients, Citi writes, "51Job reported a solid set of 3Q10 results exceeding its guidance range and beating Street estimates. By continuing to execute and manage cost efficiently even during the downturn has allowed 51job to once again emerge with a stronger competitive position for the economic recovery and an improving hiring environment. Looking into next year, JOBS is evaluating the possibility of various pricing adjustments among its product offering and, together with a favorable hiring demand environment with fast ramping of additional new employers, we believe it will continue to lead to solid earnings growth with further margin expansion." Shares of JOBS lost $1.13 yesterday to close at $48.20, a loss of 2.3%.