UBS analyst Patrick Hummel upgraded Tesla (TSLA) to Buy from Neutral with an unchanged price target of $1,100.

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The shares are down 35% year-to-date but the company's outlook is "stronger than ever before," Hummel tells investors in a research note. Tesla has a record-high order backlog and two new gigafactories ramping up, margin momentum and a "structural competitive edge" in key supply chains, says the analyst. Hummel cut his 2022 earnings estimates by 12% to account for the Shanghai lockdown but raised earnings estimates for the next three years by 40%, resulting in $28 earnings per share in 2025. He tells investors it is "time to be bold" with regards to Tesla shares.