With 2Q15 just over halfway complete (7 weeks down out of 13) we are updating our outlook for CN, cutting our annual revenue outlook by 3% ($416 mm) and our adjusted earnings per share by 6% to $4.03/share on lower expectations for energy-related revenues (crude oil and frac sand). We have reduced our 12-month target price to $83.00/share and maintain our Market Perform ranking.
