Even though the competition for Purple Innovation (NASDAQ: PRPL) has been intensifying, and also the stock seems stretched after its recent run-up, I think investors should consider PRPL as a potential investment. After all, PRPL seems to be on the cusp of enjoying the benefits of its growing free cash flow and scale. As a result, this will help it fund further growth and continue to extract additional cost efficiencies. My valuation model for PRPL hinges on both of these variables, and currently, PRPL looks like it still has some upside potential left in