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Goldman Sachs, Morgan Stanley, BNY Mellon and State Street top Jefferies list for Q1 bank earnings

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Four big banks offer less risk around net interest income and credit, Jefferies says as it awaits first-quarter earnings results.

Jefferies analysts on Tuesday said Morgan Stanley, Goldman Sachs Group Inc., Bank of New York Mellon Corp. and State Street Corp. remain more attractive than other big banks ahead of first-quarter earnings season.

Jefferies analysts said they prefer Goldman Sachs GS and Morgan Stanley MS , as well as BNY Mellon BK and State Street STT , as ways to have exposure to any potential positive around deposit flows to larger banks. Those banks also offer less net interest income risk and better capital positioning, the analysts said.

And with large wealth-management and brokerage revenue, Morgan Stanley and Goldman may avoid the potential negative impact on net interest income from loans in the banking sector. The two marquee investment banks also offer stable preprovision net revenue, minimal credit risk and strong capital bases, analysts said.

Jefferies analysts also upgraded New York Community Bancorp Inc. NYCB to buy from hold amid the challenging environment for banks in the past month after the collapse of Silicon Valley Bank and Signature Bank of New York.

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