We cut our TP 31% but upgrade PVD to MARKET PERFORM as the stock has sunk 38% since our last update and ~50% since its peak in January after pricing in poor Q1 results. The lower target price is mainly due to: 1) lower day rate assumptions, 2) no Tender-Assisted-Drilling rig (TAD) contribution in 2020, 3) no bad debt collection but more provisions and 4) a lower target P/B in line with changes to the regional peer median.