Bank of America Corp. and Sanford Bernstein analysts have cut their second-quarter profit estimates for Lehman Brothers Holding Inc., Morgan Stanley and Goldman Sachs Group Inc. because of the risk of further asset write-downs, Bloomberg reported.

Bank of America’s Michael Hecht lowered his estimate on Lehman to a loss of 50 cents per share from a previous estimate of a 76-cent profit per share. Morgan Stanley profit expectations were reduced to 95 cents per share from $1.40 and Goldman was cut to $3.45 per share from $3.75. Bernstein reduced estimates on Lehman to 15 cents per share from $1.38, Goldman to $3.25 from $3.70 and Morgan Stanley to $1.05 from $1.38.

In a report, Bank of America said the large U.S. investment banks’ value of assets has dropped about 20 percent from what is stated on their balance sheets. As a group, they are trading at 1.43 times book value and when adjusting their price-to-book ratio for “a growing amount of illiquid assets on the balance sheets,” their price relative to the value of their assets increases to 1.78 times, which suggests that they have “not likely bottomed yet from a valuation perspective,” the analysts said.

The second fiscal quarter ends this week for all three investment banks.