Broker tips: Flowtech Fluidpower, Mony Group, Future, EasyJet
By Iain Gilbert
Date: Wednesday 11 Feb 2026
(Sharecast News) - Canaccord Genuity lowered its target price on industrial supplies firm Flowtech Fluidpower from 130p to 100p on Wednesday, even as it said the group was "unlocking European growth".
Flowtech agreed to acquire pneumatics specialist Q Plus for roughly £8m as it takes its first steps to scale in "a large, fragmented" European market. Valued at what Canaccord Genuity called "an attractive 4.6x LTM EBITDA", the deal will be funded by a £9.6m equity raise that the Canadian bank also said would support deleveraging.
However, while Canaccord noted that the acquisition was "mid-teens accretive on a standalone basis", it also said the net impact on its FY26/27 underlying earnings estimates was "broadly neutral" after incorporating "a more cautious UK outlook", where it noted that self-help measures were driving positive margin momentum but market conditions remain challenging.
"Our TP moves to 100p (from 130p) based on 0.7x EV/Sales, in line with peer median. At 100p, Flowtech would trade on 10x EV/EBITDA for CY26E falling to 8.5x for CY27E which reflects the strength of Flowtech's European growth opportunity, in our view," said Canaccord, which reiterated its 'buy' rating on the stock.
Berenberg said on Wednesday that the selloff in shares of MoneySuperMarket parent Mony Group and GoCompare owner Future a day earlier was overdone.
Shares in Mony and Future tumbled on Tuesday after US online insurance agent and comparison platform Insurify launched what it claimed is the insurance industry's first ChatGPT app. Insurify said the app allows users to browse, research, and compare car insurance directly through the AI platform's new app library.
"While this is confirmation of the way the price comparison website market will likely evolve, concerns about how agentic AI models would affect consumer journeys in insurance have been around for a while and are already partly reflected in valuations, in our view," Berenberg said. "We continue to view the disintermediation risk as relatively low given regulatory burdens, with evidence that ChatGPT is looking at integrating with market leaders."
Berenberg pointed out that market structure was different in the US versus the UK, with the US insurance market largely served by brokers, and conducted on a state-by-state basis due to regulation.
"This is different to the UK market, whereby 90% of insurance is sourced through price comparison websites," it said. "This results in a highly competitive market in the UK, and thus we do not anticipate lower insurance premiums, which would otherwise be a headwind to the revenue growth of MONY Group's and Go.Compare's insurance business."
The German bank said PCWs maintain real-time application programming interface (API) connections to about 250 providers, which serve results and quotes based on the specific user inputs.
Berenberg, which noted that questions about future margins remain more pertinent, rates both stocks at 'buy' and has a price target of 275p for Mony and 970p for Future.
Analysts at Citi upgraded budget carrier EasyJet to 'buy' on Wednesday, pointing to "an easing path on the horizon".
Citi said EasyJet's shares and margins have stagnated for the past two years, with "significant airline costs" negating impressive holidays growth.
However, Citi said it expects margins to trough in FY26, with the debate shifting to FY27 over the next six months, where it thinks "significant fleet replenishment" should start to support the airline business.
"We upgrade the stock to 'buy', with a target price of 600p and 27% expected total return," said Citi.
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