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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...

...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 opinion came just a month after the Andrew Left-led firm sued Tesla and Musk, saying Musk fraudulently engineered his abandoned plan to take the carmaker private to “burn” short-sellers. Citron said it was not withdrawing its lawsuit against Musk and Tesla...



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