NIO rallies after Citron puts $12 short-term target on shares

Shares of NIO Inc. (NIO) are moving higher after Citron Research, best known for its short calls, put a $12 short-term target on the shares. The stock in early trading is up 7%, or 49c, to $7.68. "After years of battling the 'Tesla Story' Citron learned to recognize the opportunities created by total industry disruption and to disregard today's numbers when considering the value of the disruptor. We also learned not to be short a disruptor with a cult-like following and a large outstanding short interest alongside a patient investor base. With that in mind, we introduce NIO, and explain the real story that Wall St. has totally missed. Just like Tesla was not a simple U.S. electric car story, NIO is so much more than just a Chinese electric car story. NIO's visionary management is revolutionizing the high-end auto industry in China," Citon says in a report posted on its website. The firm concludes: "Compelling Product and strong management combined with absurd short interest makes NIO the worst way to bet against China. Reference Link