Freeport-McMoRan (NYSE:FCX) Earnings Estimates Lowered by Deutsche Bank (NYSE:DB)

Freeport-McMoRan Copper & Gold (NYSE:FCX) had its earnings estimates lowered today by Deutsche Bank (NYSE:DB) analysts, although the financial giant kept its "Hold" rating on them.

The changed was based solely on the lack of support in copper prices which continue to go lower on shrinking demand and continued expectations that will be the case going forward.

Deutsche Bank analysts said, “We now look for 2Q10 EPS of $1.31, 28% lower than prior estimates of US$1.81 and 34% lower QoQ. Revised 2Q10 EPS now 17% below Bloomberg consensus of $1.59. While FCX share price has entered attractive territory, we are concerned that near-term earnings weakness could impede sustained rally and await better entry.”

Freeport's performance will be in line with copper prices, and earnings will move in unison with them, which will give them some tough times ahead.