Analyst initiations: FLWS, CTRP, JOBS and CHH

MOST NOTEWORTHY: 1-800-Flowers.com, Ctrip.com International, 51job and Choice Hotels were today's noteworthy initiations:

Nollenberger started shares of 1-800-Flowers.com (NASDAQ: FLWS) with a Buy rating and $14 target and believes shares are undervalued at current levels given the company's compelling growth prospects, strong cash flow generation, and solid balance sheet.
Bear believes Ctrip.com (NASDAQ: CTRP) is the best positioned online travel company ahead of structural changes and consolidation in China's fragmented travel agency industry. The firm initiated shares with an Outperform rating and $80 target.
Bear expects 51job (NASDAQ: JOBS) to benefit from China's increasing Internet user base due to the internet's broadening reach among job seekers, resuming coverage with an Outperform rating and $28 target.
Goldman started Choice Hotels (NYSE: CHH) with a Buy rating and $45 target, as they are positive on the stock given unit growth and minimal capital needs, among other reasons.

OTHER INITIATIONS:

Thomas Weisel initiated On Semiconductor (NASDAQ: ONNN) with an Overweight rating and $15 target.
Broadpoint initiated Ariba (NASDAQ: ARBA) with a Buy rating and $15 target and Ultimate Software (NASDAQ: ULTI) with a Neutral rating.
Merrill started shares of Savient Pharmaceuticals (NASDAQ: SVNT) with a Neutral rating.