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.

So let's say you are a big American company looking to establish a new manufacturing plant in China. Where do you find the workers to build it and then staff it? You might start by advertising with an outfit that can give you coverage through 25 offices nationwide.

51job Inc. (NASDAQ:JOBS) provides integrated human resource services in China, with a strong focus on recruitment. The company advertises job opportunities by way of city-specific publications, distributed as inserts in local newspapers. It posts regional and category listings online and through an executive search service. Both domestic employers and multinational companies advertise with 51job. The firm also provides training seminars, covering a variety of business specialties.

The company pleased investors earlier in the month, when it guided Q1 earnings per share (EPS) to 15-17 cents and Q1 revenues to $24.60-$25.90 million. Analysts had been looking for 13 cents and $25.08 million. The JOBS share price popped through moving average resistance on the news and has since been defining a bullish "flag" consolidation pattern. Stocks frequently exit flags moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.

Brokers recommend the shares with one "strong buy", two "buys" and five "holds". Analysts expect a 35 percent growth rate, through the next year. The JOBS PEG ratio (1.24), Price to Book ratio (3.71), Sales Growth rate (18.53%), Net Profit Margin (15.06%) and Return on Assets (9.50%) compare favorably with industry, sector and S&P 500 averages. Institutional investors hold about six percent of the outstanding shares. Over the past 52 weeks, the stock has traded between $12.70 and $31.90. A stop-loss of $14.65 looks good here if you one was to consider investing in the stock.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.