TD Cowen reiterated a Buy rating and $633 price target on Intuit (NASDAQ: INTU), citing reports that the company plans to accelerate share repurchases in the second half of the year while halting stock sales by senior executives.

According to a report from The Wall Street Journal, Intuit intends to increase the pace of buybacks in the second half of the year, a move that TD Cowen believes could provide support for earnings per share estimates.

The firm said the news may contribute to a modest positive reaction in the stock, which was indicated to be trading roughly 2% higher in pre-market activity.

Intuit shares have declined approximately 34% year-to-date, largely due to investor concerns surrounding the potential impact of artificial intelligence on the company’s business model.

Despite those worries, TD Cowen said it believes the perceived AI risks are overstated and continues to view Intuit as its top investment pick, citing what it sees as a compelling risk-reward profile.

The firm noted that the stock currently trades at roughly 15x its calendar-year 2027 earnings estimate, which it believes offers an attractive entry point for investors.