The Core Lithium Ltd (ASX: CXO) share price may have been on form on Thursday but that wasn't the case in September.
This lithium miner's shares were well and truly out of form last month and shed 20.7% of their value.
This was very disappointing given that Core Lithium's shares were up as much as 19% month to date at one stage.
What happened to the Core Lithium share price in September?
Investors were selling down the Core Lithium share price in the latter half of last month amid broad weakness in the lithium industry.
This saw the likes of Lake Resources N.L. (ASX: LKE) and Sayona Mining Ltd (ASX: SYA) also record sizeable declines.
The catalyst for this was investors selling higher risk investments like lithium shares after market volatility surged and stocks crashed due to concerns that rising interest rates could cause a global recession.
Is this a buying opportunity for investors?
The team at Macquarie is likely to see the recent weakness in the Core Lithium share price as a buying opportunity.
According to a note this week, the broker has retained its outperform rating with a price target of $1.70.
So, with Core Lithium's shares currently changing hands for $1.16, this implies potential upside of almost 47% for investors over the next 12 months.
Macquarie believes that Core Lithium is well-placed to benefit from sky high lithium prices. Particularly given its recent $100 million equity raising, which will be used to accelerate its growth.
