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.