Morgan Stanley ( MS) and Goldman Sachs ( GS) earnings could be hit by further markdowns related to commercial real estate assets and private equity investments, Sanford C. Bernstein & Co. analyst Brad Hintz said on Friday.

Hintz dropped his first-quarter profit estimate for Goldman to 94 cents from $1.75 per share and he cut his Morgan Stanley estimate to 18 cents from 65 cents. That compares to average analyst estimates of $1.17 for Goldman and 24 cents for Morgan and, according to Thomson Reuters. Hintz expects Goldman to roughly match the performance of the S&P 500 over the next six to 12 months, while he believes Morgan Stanley will outpace it by more than 15% over that time.

Goldman will announce earnings before the market opens on April 14. Morgan Stanley has not yet set a date, but is expected to announce results the following week.

Morgan Stanley shares were off 2.3% to $22.67 and Goldman shares were off fractionally to $113.30 in recent trading.