James Lee from Stern Agee initiates coverage on GSOL today with a price target of $17.  Attached please find his report and below is the summary of the key points:

GSOL: PRICING STRATEGY LIKELY TO PAY OFF; INITIATING WITH A BUY RATING.

Macro risks already priced in. With the stock price declining 60% over the last few months, we believe the risk related to a slowing US economy is mostly priced in.  The company has about 20% exposure to the US based on its buyer community.

Pricing strategy likely to pay off.  We believe GSOL's new pricing strategy is likely to pay off this year. Realizing that price is a major sensitive factor for its supplier community, the company unbundled its print and Internet offerings to create an affordable entry point that meets the market demand. The company has expanded its sales force to support this initiative.   We believe this is a major catalyst for the stock price.

Tradeshow remains a driver. GSOL has carved out a strong niche in the tradeshow business. We expect the growth momentum will continue, especially for the domestic B2B business where SMEs are not sophisticated with the Internet. Therefore, tradeshow is actually a good marketing tool for the company's domestic B2B business. Management plans to increase its capacity by 50% over
the next two years.