BGB Securities Reiterates CIBER Buy, $7 PT (CBR)

BGB Securities reiterated its CIBER CBR Buy rating and $7 price target in a research report published today. In the report, BGB Securities states, "CBR grew the top line 8% YoY in constant currency, driven primarily by its International segment which grew 18% organically. CBR took several charges related to bad debt expense and the exiting of unprofitable contracts, which is a process that is largely completed although may continue for the next few quarters. The new management team appears focused on implementing the operating plan that was presented to investors last December. We believe the strong top line growth illustrates the strength of demand for the IT services industry, and will provide a more forgiving operating environment for CBR to refocus its services and execution discipline." Shares of CIBER were trading at $4.43 at the time of posting, down 0.89% from last Friday's market close.