"Bank of America is going to have a little bit of a tough go," Bove said in a CNBC interview.
The company actually reported a net loss related to a $10.4 billion goodwill impairment charge related to financial reform legislation. But the firm had other problems as well.
"Everything to do with the consumer was down and that's their core business, so their core business did not do well. Everything associated with Merrill Lynch pretty was, if you will, positive," Bove said.
"I'm a long-term buyer of Bank of America because right now if you take the market cap of Bank of America it's below the cash on its balance sheet."
Goldman, meanwhile, is in a stronger position after reporting third-quarter earnings of $2.98 a share, which beat lower revised expectations for the Wall Street titan.
The earnings report contained a variety of positive surprises, Bove said.
"No one expected to see their M&A business and their advisory business stronger, and it was on a quarter-over-quarter basis. They had a significant increase in equity underwriting quarter over quarter which is very positive, and they had a huge jump in equity trading quarter over quarter," he said.
"So I think everything you would look at to determine where its stock might be going in the fourth quarter and beyond is positive."
CNBC Data Pages:
Disclosure information was not available for Bove or his company.