We lift our target price by ~40% as 1) we raise 2021-2025F earnings by ~9% on average and 2) switch to a 100% DCF valuation vs a prior mixed DCF/PBR/RNAV valuation (page 5). However, we downgrade our rating from OUTPERFORM to UNDERPERFORM as PVD’s share price has risen ~90% over the past three months. Our ~9% increase in 2021-2025F NPAT-MI is driven by our raised profit forecast for the Baker Hughes JV. We see a potentially bigger well-related service workload for this JV after 2020 resul