The Kogan.com Ltd (ASX: KGN) share price was out of form in February and sank notably lower.
The ecommerce company's shares lost a disappointing 22.3% of their value during the month.
Will March be better for the Kogan share price?
The good news is that the Kogan share price has started the month in a much more positive fashion.
In early trade on Monday, the company's shares were up almost 7% to $14.91.
The Kogan share price has since pulled back a touch but remains 3.5% higher at the time of writing.
Is this a buying opportunity?
One broker that believes the recent weakness in the Kogan share price is a buying opportunity is Credit Suisse.
This morning the broker retained its outperform rating but trimmed the price target on its shares slightly to $20.85.
Based on Friday's close, this price target implies potential upside of almost 50% over the next 12 months.
Why is Credit Suisse positive on the Kogan share price?
According to the note, the broker was pleased with Kogan's half year results and believes it remains well-positioned for growth over the medium term.
Especially given recent favourable changes in consumer behaviour, which it suspects will be permanent.
In addition to this, Credit Suisse was particularly pleased with the performance of Kogan's Private Label (Exclusive Brands) business during the first half.
The Exclusive Brands business reported revenue growth of 115% and gross profit growth of 175% compared to the prior corresponding period. This meant the business contributed 55.9% of the company's overall gross profit during the half.
Management advised that this was achieved through ongoing investment in Exclusive Brands inventory to broaden its range and meet consumer demand from its growing base of active customers. Given that these products have much stronger margins, Credit Suisse sees this as a huge positive.
Up over 200% but could still go higher
All in all, even though the Kogan share price is up over 200% since this time last year, Credit Suisse believes it can still go even higher from here.
This could make it worth considering after February's disappointing performance.
