Maxim analyst Brian Kinstlinger said CIBER's lower than expected Q3 revenue results reflect declining demand and he cut his price target on the stock to $1.45 from $2.75 in the wake of the company's quarterly report. However, he keeps a Buy rating on the stock based on the assumption that CIBER is actively seeking the sale of its International business, which he believes could be valued at $45M in a take-out scenario before taxes and fees, adding that those projected proceeds would be roughly equal to the debt load of the company, meaning his target is equal to his valuation of CIBER's Americas business.