** Carl Zeiss Meditec AG's AFXG.DE shares slip around 2% in early Frankfurt trade
** J.P.Morgan places the German optical systems maker on negative catalyst watch into Q2 results on May 14, sticking to its "underweight" rating
** The broker notes the stock rising 35% YTD, adding it struggles to justify the move as the firm sits in the bottom quartile for earnings growth and upper quartile for valuation
** It also highlights the firm's continued underperformance over the past two years and fears market share losses in China and the U.S.
** Carl Zeiss Meditec falls to the bottom of Germany's midcaps index .MDAXI
(Reporting by Tristan Veyet)
((Tristan.chabba@thomsonreuters.com))
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