UPDATE 4-Tesla critic Citron makes U-turn ahead of results [Reuters]
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Source: Reuters
Tesla critic Citron makes U-turn ahead of results | Reuters 3 Min Read NEW YORK (Reuters) - Tesla Inc shares jumped more than 12 percent on Tuesday after long-time critic and short-seller Citron Research said it had a change of heart and is now betting the electric automaker’s stock will rise. The firm said in a research note that Tesla’s Model 3 sedan is a “proven hit” and serious competition from other automakers for the plug-in car market has not materialized, marking a sharp reversal from its previous stance. Tesla will release third-quarter earnings after the market close on Wednesday, a week earlier than it has typically reported. Chief Executive Elon Musk has promised a Model 3 ramp-up will help make Tesla profitable in the quarter, and has said the automaker should not have to sell more shares to raise cash. But a number of Wall Street analysts say the ramp-up, added to other production promises and debt obligations, make some sort of capital raise likely. Citron’s change of o
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