Lumentum's stock plummeted 5.15% intraday on Wednesday, as the optical communications sector saw a broad retreat.

The decline came amid concentrated profit-taking following the previous session's sharp rebound, with sector peers also falling. Additionally, TD Cowen had previously slashed its target price for Lumentum from $995 to $800 while maintaining a Hold rating. The stock price has now fallen below that revised target, suggesting near-term overhead resistance remains significant and rebound sustainability is under pressure.