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The share price of Cato has more than doubled since its 52-week low on the back of a strong recovery in the first quarter.
According to my estimates an upside between 17%-53% (based on a share price of $16.36) could be still possible to arrive at fair value of the company.
The major risk is the continued uncertainty of the recovery and if the company can get back to pre-covid sales figures. Moreover, current global supply chain issues remain.