Intuit (INTU) delivered a "strong start" to fiscal 2026 with "durable platform momentum," RBC Capital Markets said in a note Friday.

According to the note, Intuit's broad-based revenue strength, accelerating mid-market traction, improving segment trends and expanding artificial intelligence capabilities reinforce their confidence in the company's shares in the fiscal year.

RBC analysts noted generative AI as a "major opportunity" for Intuit and expect it to generate real revenue, while cautioning that "it could take longer for theory to become the reality that investors expect today."

The analysts also said its target multiple is "slightly above large cap software" due to Intuit's market leadership position, GenAI opportunity and potential for margin expansion and total addressable market growth.

RBC maintained an outperform rating on Intuit, with a price target of $850.