JPMorgan 'dead money'?

While there was "more good news to come" for Morgan Stanley after a 50 percent jump in third-quarter revenue, JPMorgan was "dead money," banking analyst Mike Mayo of CLSA said Friday.

Mayo said that Morgan Stanley had become leaner and meaner since its Dean Witter acquisition 16 years ago as well as its Smith Barney acquisition. Cost-cutting and a $20 billion increase in deposits would also lead the stock higher, he added.

"Their margin improved during a weak seasonal quarter, so you have more good news to come," Mayo said.

(Read more: Morgan Stanley earnings, revenue top expectations)

Mayo said that he still liked Goldman Sachs, adding that its lackluster earnings results were "probably a one-quarter miss."

But JPMorgan wasn't attractive to him.

"I see it as dead money at best," Mayo said, citing pending legal woes and a likely multibillion-dollar settlement ahead. "But you could still have a hangover, even after that settlement. And it's up to (CEO) Jamie Dimon and JPMorgan to make sure they get a fair deal for shareholders."

(Read more: UBS sees IBM as 'dead money')

OptionMonster's Pete Najarian saw it differently.

"Totally disagree," he said. "Completely disagree with that statement.

"I don't think it's dead money. I think you've got plenty of upside there. When this thing starts to really return some of that money back, I think JPMorgan can outperform some of the other banks, actually including the Wells Fargos that are a lot more of a steady earner type, the type that's going to be a steady-Eddie beta trade."

More good news ahead for Morgan Stanley: Analyst

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Jon Najarian, OptionMonster co-founder, cited JPMorgan's credit card and mortgage refinance businesses.

"There are more streams over there. Yes, Jamie has a target on his back, but I wouldn't say it was dead money," he said.

Stephen Weiss of Short Hills Capital said that he owned shares of Morgan Stanley.

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"My view had turned, and part of that is because I do think you see the generational move into equities, and they are the most leveraged broker, with the banking also, for that," he said.

"I bought Goldman Sachs this morning because to me, Gold Sachs is still, in terms of talent, the deepest company in financials and maybe in the whole S&P 500," Weiss said. "Every individual I've ever dealt with there is top-flight. They just don't miss a beat."

Simon Baker of Baker Avenue Asset Management also saw value in one bank stock.

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"I think Goldman's a screaming buy here. I think they just had a bad quarter," he said. "Buy it on a dip."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.