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JDS Uniphase's


price target and earnings estimates were cut this morning by

Morgan Stanley Dean Witter

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, which said it expected declining revenue for the optical fiber company.

Morgan Stanley cut its price target to $50 from $95 and lowered its earnings estimate for the fiscal third quarter to 16 cents a share from 17 cents. The current 18-broker consensus is 17 cents for the quarter. "For the next quarter, we expect a 9% sequential decline in revenue to $925 million, compared to our prior estimate of sequentially flat revenue," the note said. And, of course, seeing as how nobody knows what's going on in the next few quarters, it's all about visibility, as in, there is none: "A broad recovery in visibility looks unlikely," Morgan Stanley noted.

JDS shares were off 88 cents, or 2.7%, to $29.69 in early trading Friday on the