Our report on CN Rail is updated and rated (lower) Buy at CAN $153 or US $112. This is a great company and enjoys a duopoly position with CP Rail. But the out look for the last half of this year is for earnings per share to be about 10% lower than the same period last year. Therefore some caution is warranted. But it would likely be a bad idea to sell positions in this company in spite of a weak near-term outlook.