CIBC - Nov 8 A Very Strong Q3 Earnings BeatOur Conclusion Quarterhill reported its Q3 results that came in significantly above expectations. Licensing was particularly strong due to the closing of substantial license agreements. Intelligent Systems also had a record quarter, with high order bookings and Y/Y growth of 22%. Additionally, we like CEO Paul Hills revised strategic direction and expect the share price to move up on this report. We continue to recommend Quarterhills shares. We think the risk and reward trade-off is favourable and reiterate our Outperformer rating with a price target of $4.