Cowen analyst John Blackledge reiterated an Outperform rating and boosted his price target on Wayfair (NYSE: W) to $55.00 (from $37.00) following strong Q2 results. The analyst said the company is firing on all cylinders as key metrics accelerate.

Blackledge commented, "W reported strong 2Q15 results beating estimates across the board driven by accelerating revenue growth in the Direct Retail business (+81% y/y). Active customer growth also accelerated as W's marketing initiatives begin to pay dividends. Strong top-line trends persist as 3Q rev. guide was well above pre-print estimates. Reiterate Outperform and raising target price to $55 from $37 prior."

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Shares of Wayfair closed at $38.17 yesterday.