UPDATE: Morgan Stanley Raises PT on 51job Following Softer 1Q13 Results

In a report published Friday, Morgan Stanley analyst Philip Wan reiterated an Overweight rating on 51job

, and slightly raised the price target from $65.70 to $66.20. In the report, Wan noted, “We believe 51job, a leading online recruiting player in China with ~40% market share, should continue to benefit from the online recruiting market expansion in China. Its penetration into other HR services (i.e. outsourcing and training) should lead to further upside, as less than 3% of 51job's online customers have purchased other HR services, implying further cross-selling opportunities. Strong cash will support the stock price with net cash accounting for over 30% of its market value.” 51job closed on Thursday at $60.42.