HSBC downgrades ratings on Morgan Stanley (MS) on Goldman Sachs (GS) as their stock rallies already reflect a rebound in investment banking.

Goldman Sachs Group Inc. and Morgan Stanley shares are showing an “unattractive risk reward profile” in the wake of the recent bank rally, HSBC analysts said, adding that investors should be wary of arguments that an investment banking “supercycle” will drives shares much higher.

With stock prices of Goldman Sachs Group Inc. and Morgan Stanley both outperforming the S&P 500 handily on optimism in the banking sector, HSBC analyst Saul Martinez downgraded shares of both financial firms to neutral from buy.

Medline Industries Inc.’s owners have picked banks for its US initial public offering, according to people familiar with the matter.