Tesla gets a lift as critic changes tune

Elon Musk Announces Opening Date of His High-Speed Underground Tunnel

But Tamberrino reiterated his Sell rating for Tesla's stock and lowered his price target to $200 from $210, saying he is still bearish on the company's ability to produce profits over the long term.

Yet in a U-turn, Mr Left said Tesla's Model 3 had been a "proven hit" while numerous warning signs at the firm "have proven..."

Tesla (TSLA) reports third-quarter earnings Wednesday, after the market close, and even a bearish analyst admits it will likely be a good quarter.

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.

"While the media has been focused on Elon Musk's eccentric, outlandish and at times offensive behavior, it has failed to notice the legitimate disruption of the auto industry", Left wrote in his report.

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A prominent short seller who's been betting against Tesla has changed his tune and sent the shares surging by saying the electric vehicle maker is "smoking" the rest of the auto industry.

Tesla shares plunged last month when Elon Musk smoked a joint on a live web show. "And the name change is so on point!" Citron said it was not withdrawing its lawsuit against Musk and Tesla.

Short-sellers are investors who bet that shares will fall and are frequently the subject of Mr Musk's derision. His declaration that he could take Tesla private for $420 a share which he made on Twitter ultimately landed him in trouble with the SEC, leading to a $20 million fine and an order to step aside as Tesla chairman for at least 3 years.

Musk announced on Twitter on August 7 that he might take Tesla private for US$420 per share, in a US$72 billion transaction for which "funding" had been "secured".

However, Citron's Left has also filed a civil suit against Tesla and Musk for violating federal securities laws with misleading information.

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