It’s not too late to invest in Wayfair Inc (NYSE: W) even though it’s already up more than 15% on Thursday, says a Citi analyst. 

Ygal Arounian reiterated his “buy” rating on the eCommerce company and raised his price target to $85 in a research note last month. 

That suggests a whopping 40% upside as Wayfair continues to benefit from its “long-term competitive advantages”. 

On Thursday, the New York listed firm came in well ahead of Street estimates as layoffs announced in January helped significantly narrow its loss in Q1. $W ended the quarter with 22.3 million active customers – slightly above 22.1 million that experts had forecast. 

Wayfair stock is still down more than 10% versus its year-to-date high. 

Wayfair Inc continues to see robust demand in its core outdoor category. 

Ygal Arounian recommends owning shares of the $6.0 billion company based out of Boston, Massachusetts because he’s convinced it’ll benefit as the economy continues to recover. 

$W, he recently told clients, has a distinct market position that is hard to replicate – thanks to its logistics networks, curation capabilities, wide-ranging catalogue, data analytics expertise, and advanced technology infrastructure. 

All in all, the Citi analyst is bullish on Wayfair stock because he expects the firm to further grow its market share moving forward. Note that the online shopping platform for furniture and home goods does not currently pay a dividend, though. 

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