Wayfair (NYSE: W) stock has been rallying lately, but at least one Wall Street pro thinks it has more room to rise. On Tuesday, an analyst at Piper Sandler lifted his short-term price target to $225, in an action that helped push the stock up more than 10% in early trading. The analyst affirmed his positive rating on the stock and pushed his price target up to $225 from $220. Piper Sandler thinks the e-commerce platform's business is still being undervalued on Wall Street. Image source: Getty Images. Wayfair's last earnings report, which captured only the earliest days of the COVID-19 pandemic lockdowns, showed soaring sales growth as people stocked up on home products and moved more of their shopping online. Its leading home furnishings platform puts Wayfair in an ideal position to take advantage of that increasing demand. Investors are even more excited about the prospect for sustainable profitability that might begin as early as the fiscal second quarter. Wayfair has lost money in each of the last four fiscal years, but management is targeting an end to that streak by cutting costs in areas like tech development and advertising. That improving profit picture could support strong returns for investors going forward, especially if COVID-19 speeds the global shift toward online shopping. However, the intense optimism around the stock might temper those gains, given that shares have already doubled just since the start of 2020. 10 stocks we like better than WayfairWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Wayfair wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Demitrios Kalogeropoulos has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Wayfair. The Motley Fool has a disclosure policy.Source