The Macquarie Group Ltd (ASX: MQG) share price has taken a tumble with the market in 2022.

Since the start of the year, the investment bank’s shares have dropped a sizeable 22% to $164.67.

Is the Macquarie share price weakness a buying opportunity?

Although the weakness in the Macquarie share price this year has been disappointing for shareholders, it could be a buying opportunity for non-shareholders.

That’s the view of the team at Morgans, which recently reiterated its add rating and $215.00 price target on the company’s shares.

Based on the current Macquarie share price, this implies potential upside of 30% for investors over the next 12 months.

In addition, the broker is forecasting 4%+ dividend yields from Macquarie’s shares in FY 2022 and FY 2023 based on where its shares are currently trading.

This stretches the total return on offer with the company’s shares to almost 35% between now and this time next year.

What did the broker say?

According to the note, Morgans is a fan of the company due to its exposure to long-term structural growth markets. The broker explained:

We continue to like MQG’s exposure to long-term structural growth areas such as infrastructure and renewables. The company also stands to benefit from recent market volatility through its trading businesses, while the company continues to gain market share in Australian mortgages.

And while its analysts acknowledge that it will be hard for Macquarie to build on FY 2022’s stellar earnings, it thinks investors should look beyond this. Particularly given its long track record of delivering strong returns. Morgans concludes:

We anticipate some near-term earnings volatility over FY23 but we like MQG’s favourable longer-term growth profile and consistent history of delivering strong returns (~15% average ROE over time).