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22 Nov 2018 By Katrina Hamlin Follow @KatrinaHamlin

Citron Research, known for negative reports on stocks, is now backing Chinese manufacturer Nio as well as Tesla. Conceding the dominance of Elon Musk’s creation and then betting on a Tesla rival seems inconsistent. It’s a reminder that winners are as hard to pick as losers.

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Citron Research on Nov. 19 released a report detailing the investment case for the Chinese electric-vehicle maker Nio. The firm set a short-term target price of $12 for Nio’s New York-listed shares.

Nio’s stock was trading at $7.71 at the close of business on Nov. 21, up by 7 percent from Nov. 16, the last trading day before the note’s publication.

Citron, which describes itself as a stock commentary website, is best known for reports highlighting alleged fraud and other business problems.

Citron is also long Tesla, according to a separate report released on Oct. 23. The research group previously held a short position on the U.S. electric-car company.

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