The Commonwealth Bank of Australia (ASX: CBA) share price has started the week in the red.
In afternoon trade, the banking giant's shares are down almost 1% to $93.20.
Is the weakness in the CBA share price a buying opportunity?
One leading broker that is likely to see the weakness in the CBA share price as a buying opportunity is Bell Potter.
Earlier this month, in response to the bank's half year results, the broker upgraded its shares to a buy rating with a $108.00 price target.
Based on the current CBA share price, this implies potential upside of 16% for investors over the next 12 months.
And if you include the fully franked dividend of $3.87 per share Bell Potter is expecting in FY 2022, the total return increases by an additional 4.1% to over 20%.
'On its way back'
Bell Potter is positive on the CBA share price due to its belief that the banking giant is on its way back to delivering revenue growth again.
The broker commented: "Despite the misgivings of the market and especially COVID-19's Omicron strain, CBA sees FY22 as a strong year. The unemployment (and underemployment rate) are the lowest since 2008 and Australian household accumulated savings are stronger than ever (likewise the rate at which wage growth in anticipated). Inflation is likely to increase in due course (and that's a good thing for all banks) while non-mining investment including infrastructure continue to hold up reasonably well. The bank has again bounced back from its lows and is on its way back to its usual top line growth potential."
Bell Potter expects this to underpin growing dividend payments in the coming years. It has pencilled in fully franked dividends per share of 387 cents in FY 2022, 407 cents in FY 2023, and 423 cents in FY 2024.
All in all, this could make the CBA share price a good option for investors looking for exposure to the banking sector.
