Morgan Stanley Slaps JDS Uniphase Down 3.1%

JDS Uniphase

(JDSU)

was down 3.1% in late morning after

Morgan Stanley Dean Witter

sliced the optical component maker's price target to $50 from $95.

Morgan Stanley also lowered its third-quarter earnings estimate to 16 cents from 17 cents a share, saying it expects sales to fall.

JDS Uniphase issued a warning last week.