Bank analyst Dick Bove remains cautious about JPMorgan Chase.
The mountain of litigation and fines facing the investment bank won't crumble in 2014, and its future earnings remain questionable because of the recently enacted ban on proprietary trading, the vice president of equity research at Rafferty Capital said Tuesday during an interview with CNBC.
(Read more: Madoff penalties hit JPMorgan Chase profit)
Hours earlier, JPMorgan had announced a 7.3 percent decline in fourth-quarter earnings. It cited legal expenses and weaker investment banking revenue for the reduced profits.
The bank took several legal blows last year, agreeing to $20 billion worth of settlements. during a Tuesday conference call with reporters.
"I don't think it's anywhere close to ending its litigation, its fines, its lawsuits, etc.," Bove told "Squawk on the Street." "So I'm a little more cautious on this company."
(Read more: JPMorgan Chase ready to make long-awaited deal)
Dick BoveJin Lee | Bloomberg | Getty Images
Further, he said, new restrictions placed on certain types of trading at investment banks create questions about JPMorgan—as well as potential holes in its balance sheet.
"Will they sell the commodities business?" Bove said. "Will they get out of student lending when they can't do proprietary trading?"
Earlier on "Squawk on the Street," David Katz, chief investment officer at Matrix Asset Advisors, made a more bullish call, saying that both JPMorgan and Wells Fargo would be good bets this year.