Morgan Stanley can’t seem to catch a break when it comes to Wall Street’s views on the firm.

Just days after the last bearish analyst turned neutral on the stock, one of its bulls has moved to the sidelines. Odeon Capital analyst Dick Bove cut his rating on Morgan Stanley to a hold from a buy, saying the bank was rudderless with no one to lead it into the company’s next chapter.

The downgrade comes as investors wait for management to name a successor to James Gorman, who said in May he planned to step down in the next 12 months. An ongoing share selloff amid slumping investment banking revenue and a slowdown in wealth management is weighing on shares.

“Until this firm clearly defines its leadership and purpose, it is likely to float with little direction,” Bove wrote.

Morgan Stanley has been under pressure since last week when an earnings report Wednesday triggered a 6.8% drop, the steepest one-day decline in more than three years. Shares are down 16% this year, after sliding 2% on Monday.

Other Wall Street watchers have also called attention to the lack of a clear succession plan, as the firm chooses between Andy Saperstein, Ted Pick and Dan Simkowitz. In a note last week, Evercore ISI analyst Glenn Schorr said it was a mistake by the firm’s board to not name a new CEO with the results.

“Yes, this is a big decision, but they know all the candidates well and we don’t get why they’d let this linger,” Schorr wrote after the earnings report.

Last week’s valuation reset heightened its risk-reward appeal enough for the stock’s only remaining bear, Wolfe Research analyst Steven Chubak, to shed his sell-equivalent recommendation on Friday. Wall Street is now divided between 15 analysts who recommend buying the stock and another 14 who say hold.

The current leadership vacuum “sets the firm adrift and harms its position in the financial markets,” according to Bove. “Money would be better invested elsewhere.”

(Updates throughout with market closing prices.)