Wall Street analysts kept busy on Wednesday, delivering ten notable rating changes across a diverse set of sectors. The headline grabber? Okta Inc. (OKTA) getting upgraded with a price target that implies a solid 28% rally from here.

Let's break down what the analyst community is thinking about these ten companies and where they see the opportunities and risks.

The Big Upgrade: Okta's Security Play

Stephens & Co. made the boldest call of the day on Okta (OKTA), upgrading the identity security platform from Equal-Weight to Overweight while bumping the price target from $97 to $120. That's a meaningful vote of confidence from analyst Todd Weller. With Okta closing at $94.07 on Tuesday, the new target suggests there's about 28% upside if Stephens is right about the company's trajectory.

Financial Services Take Center Stage

The financial sector got plenty of attention, with a mix of optimistic and cautious adjustments. Cantor Fitzgerald analyst Ryan Tunis trimmed his outlook on Marsh & McLennan Companies, Inc. (MMC), cutting the price target from $226 to $208 while keeping an Overweight rating. The stock closed Tuesday at $182.70, still well below even the reduced target.

Intercontinental Exchange, Inc. (ICE) saw a more substantial haircut from Piper Sandler, with analyst Patrick Moley slashing the price target from $292 to $195. Despite the big reduction, Moley maintained an Overweight rating on the exchange operator, which closed at $166.69 on Tuesday.

On the banking front, Keefe, Bruyette & Woods analyst David Konrad showed confidence in two names. He raised Unity Bancorp, Inc. (UNTY) price target from $60 to $65 with an Outperform rating. The regional bank closed at $54.68 on Tuesday. Konrad also boosted The Bank of New York Mellon Corporation (BK) price target from $132 to $143, maintaining his Outperform stance as the stock settled at $122.93.

Willis Towers Watson Public Limited Company (WTW) wasn't as fortunate, with Cantor Fitzgerald's Ryan Tunis slashing the price target from $365 to $345 while keeping a Neutral rating. The stock closed at $327.42 on Tuesday.

Industrial and Defense Getting Love

The industrial sector saw some bullish moves. Keybanc analyst Michael Leshock raised his price target on AAR Corp. (AIR) from $93 to $109, maintaining an Overweight rating. The aerospace and defense parts supplier closed at $97.71 on Tuesday, suggesting analysts see more room to run.

Amentum Holdings, Inc. (AMTM) got an even more enthusiastic boost from Truist Securities analyst Tobey Sommer, who raised the price target from $34 to $42 while keeping a Buy rating. The government services contractor closed at $34.30, meaning the new target implies substantial upside.

Gaming and Automotive: Mixed Signals

In the gaming world, Citizens analyst Jordan Bender raised his price target on Red Rock Resorts, Inc. (RRR) from $65 to $68, maintaining a Market Outperform rating. The Las Vegas-focused casino operator closed at $62.38 on Tuesday.

The most puzzling call came on Rivian Automotive, Inc. (RIVN). UBS analyst Joseph Spak raised the price target from $13 to $15, which sounds positive until you realize he simultaneously downgraded the stock from Neutral to Sell. That's a rare combination that suggests Spak thinks the stock might move higher short-term but still recommends investors avoid it. Rivian closed at $18.85 on Tuesday, already well above even the raised price target.

What It All Means

These rating changes reflect Wall Street's ongoing recalibration of expectations across sectors. The financial services adjustments suggest analysts are getting more conservative on valuations in some areas while staying bullish on select banks. The industrial names are benefiting from continued defense and aerospace momentum. And in tech, Okta's upgrade highlights renewed confidence in the cybersecurity and identity management space.

As always, analyst price targets represent educated guesses about where stocks might trade over the next 12 months, not guarantees. But they do offer a window into how professional investors are thinking about these companies' prospects.