Intuit (INTU) shares increasingly appear dislocated, and the pullback in recent months on artificial intelligence fears could present a buying opportunity, RBC Capital Markets said in a Tuesday research report.

Intuit can develop and embed AI capabilities into TurboTax to drive retention, but there remains a risk that more clients use AI instead of consulting TurboTax or experts. In the long run, the company could build its own tax agents using its data, domain expertise, and client trust, analysts wrote.

QuickBooks faces risks from small businesses using AI to manage finances and AI-native firms launching products that compete with QuickBooks. However, existing AI agents within QuickBooks make it more insulated from threats as these agents can be monetized through upgrades to higher tiers, according to the note.

AI search outgrowing traditional search also poses threats to Mailchimp and Credit Karma. Mailchimp also faces challenges from rising competition from AI-native companies, while clients using Credit Karma for free financial planning could use AI for the same purpose, RBC stated.

The brokerage said it reiterated its outperform rating on the stock and price target of $850 per share.

Price: 548.56, Change: +3.16, Percent Change: +0.58