Morgan Stanley, the fifth-biggest US bank by assets, had its earnings estimates lowered by Rochdale Securities analyst Richard Bove on concern commercial real-estate losses will hurt profitability.

Bove cut his estimate for 2009 earnings per share to 78 cents from a previous $1.63 per share because he’s now estimating the bank will lose 17 cents in the first quarter.

He cut his 2010 estimate to $2.34 per share from $2.99 and his 2011 estimate dropped to $3.44 from $4.07.

Morgan Stanley dropped 2.7 percent to $22.69.