Broker tips: EnQuest, Victoria
By Iain Gilbert
Date: Monday 23 Feb 2026
(Sharecast News) - Canaccord Genuity has raised its target price for EnQuest from by over a quarter, hailing the "considerable value" unlocked by a transaction affecting the oil group's Magnus field in the North Sea.
Canaccord Genuity kept a 'buy' rating on the stock, lifting its target price from 22p to 28p.
Updates on 2025 trading showed "strong operational delivery", according to Canaccord Genuity, with full-year production of 45.6kbopd coming in ahead of the 40-45kbopd guidance. 2026 guidance was 41-45kbopd, with upside limited from early-year downtime at Magnus and natural declines at the Kraken field.
However, the broker said the "standout news" from Monday's update was that EnQuest is paying $60m to secure 100% of future Magnus field cashflows, settling the contingent liability to the previous operator which the company had valued at $433m.
The deal gives EnQuest "full economic exposure to its most important asset at a very attractive and highly accretive price", Canccord Genuity said.
The broker explained: "The settlement price is c.1x our previously projected yearly contingent liability well into the 2030s, with expected field life into the late 2030s. As the field provides c.35% of EnQuest's total output its importance is clear, and in our view this transaction is the company's most accretive for several years, even topping the excellent Vietnam production acquisition in 2025."
Analysts at Berenberg cut their target price on floorings business Victoria from 100p to 60p on Monday after the group's unscheduled year-to-date trading update earlier in the morning.
Berenberg said that overall, the statement notes that year-on-year revenues had improved in Q3 versus H1, but also pointed out that trading in January was "rather weak" due to a variety of consumer-related factors.
As a result, Victoria has now forecast FY26 underlying earnings of roughly £95m, versus a prevailing consensus of around £110m.
"We update our forecasts for the update, resulting in 9-14% cuts to underlying EBITDA across the forecast period. The business remains heavily indebted and is ultimately waiting for the flooring market to turn more positive," said Berenberg, which has a 'buy' rating on the stock.
The German bank also noted that the numbers themselves "certainly reflect the ongoing subdued conditions" in many of Victoria's end-markets.
Berenberg said Victoria's shares trade on 12.2x FY27 EBITDA.
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