The Commonwealth Bank of Australia (ASX: CBA) share price was out of form in November.
During the month, Australia's largest bank saw its shares tumble a disappointing 11%.
This compares to a loss of 0.9% by the S&P/ASX 200 Index (ASX: XJO).
What happened to the CBA share price in November?
Investors were selling down the CBA share price last month in response to the banking giant's first quarter update.
For the three months ended 30 September, the bank reported a 3% increase in operating income over the prior corresponding period but a 1% decline over the quarterly average during the second half of FY 2021.
But the main disappointment came from its net interest margin, which was considerably lower in the quarter. Management advised that this was driven by higher liquid asset balances, home loan price competition, switching to lower margin fixed rate loans, and the continued impact of a low interest rate environment.
This sparked fears that retail-focused banks could underperform in the near term, leading to many investors jumping ship.
Is this a buying opportunity?
While the broker community is overwhelmingly bearish on the CBA share price, there is one leading broker that remains positive.
That broker is Bell Potter. In response to its update, the broker retained its buy rating but trimmed its price target to $111.00.
Based on the current CBA share price, this implies potential upside of approximately 16% for investors over the next 12 months.
In addition, Bell Potter expects the bank's shares to provide a fully franked 4.2% dividend yield in FY 2022. Combined, this brings the total potential return to ~20%.
While its analysts were disappointed with CBA's result, they still see enough value to maintain their buy rating.