ReneSola

Piper Jaffray initiated coverage on ReneSola Ltd. with a Buy rating and $25 price target.

Analyst Jesse Pichel expects long-term margin expansion as the product mix shifts toward multi-crystalline wafers from mono and as tolling revenue grows. Pichel sees potential upside in the tolling biz due to the recent JASO supply contract with GCL.

Pichel also likes the current valuation of SOL, which is about $18 per share.