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Analyst Sees Weakness in Fixed Income

Horowitz reiterates, however, that Bank of America has "excellent value" and maintains a buy rating on the institution.

Goldman Sachs: Horowitz lowered his view for the fourth quarter by 25 cents to a profit of $5.25 a share. He maintained his 2010 earnings estimate of $19 a share "as our lower FICC [view] was mostly offset by lower compensation accrual assumption," the note says.

The current average analyst estimate, according to Thomson Reuters, is for Goldman Sachs to earn $5.39 a share in the fourth quarter and $18.69 a share for 2010. The company reports its results on Jan. 21.

"We continue to see opportunity in Goldman Sachs with strong management and a good market positioning," Horowitz writes, maintaining a buy rating on Goldman Sachs.

Morgan Stanley: This was the biggest cut. Horowitz slashed fourth-quarter earnings estimates by 30 cents to 36 cents a share. He also lowered his 2010 EPS estimate by 50 cents to $3.10 a share.

The new views are comfortably below Wall Street's current average analyst estimate for Morgan Stanley to post a profit of 49 cents a share in the fourth quarter and $3.31 a share for 2010. Morgan Stanley is also expected to report its results on Jan. 21.

JP Morgan Chase: Horowitz now sees earnings of 55 cents a share for JP Morgan in the fourth quarter, down 15 cents from his prior view. For 2010, he's looking for a profit of $2.90 a share, a cut of 30 cents. He also changed his risk rating on the company to "medium" from "high," according to the note. Horowitz rates JPMorgan Chase at a hold.
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