NEW YORK (TheStreet) -- RATINGS CHANGES

ADT (ADT) - Get ADT, Inc. Report was downgraded at Morgan Stanley to underweight. Valuation call, based on a 12-month price target of $34, Morgan Stanley said.

Aruba Networks (ARUN) was downgraded at JMP Securities to market perform from outperform. Cost-cutting efforts will likely impact sales execution, JMP Securities said.

Chesapeake Energy (CHK) - Get Chesapeake Energy Corporation Report was upgraded at Goldman Sachs to buy from neutral. Twelve-month price target is $23. Company can use lower-price environment to seek out accretive acquisitions, Goldman said.

Danaher (DHR) - Get Danaher Corporation Report was downgraded at Morgan Stanley to equal-weight. Twelve-month price target is $88. Valuation call, as the company faces potential earnings headwinds in Europe, Morgan Stanley said.

Evertec (EVTC) - Get EVERTEC, Inc. Report was downgraded at Bank of America/Merrill Lynch to underperform from buy. Twelve-month price target is $21. Company is highly leveraged to a weaker economy in Puerto Rico, Bank of America/Merrill Lynch said.

FMC (FMC) - Get FMC Corporation Report was upgraded at Bank of America/Merrill Lynch to buy from neutral. Twelve-month price target is $65. Stock has lagged, but company can resume double-digit earnings growth in 2016, Bank of America/Merrill Lynch said.

Ingersoll-Rand (IR) - Get Ingersoll-Rand Plc (IR) Report was upgraded at Morgan Stanley to overweight from equal-weight. Twelve-month price target is $74. Company should see better end-market demand and lower input costs, Morgan Stanley said.

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Joy Global (JOY) was downgraded at RBC Capital to sector perform from outperform. Twelve-month price target is $52. Company will likely see lower mining demand, RBC Capital said.

Laboratory Corp. (LH) - Get Laboratory Corporation of America Holdings Report was upgraded at Robert Baird to outperform from neutral. Twelve-month price target is $137. Covance (CVD) merger should boost earnings and investor sentiment should improve in the new year, Robert Baird said.

Morgan Stanley (MS) - Get Morgan Stanley (MS) Report was downgraded at JMP Securities to market perform from outperform. Valuation call, as the stock has outperformed the past few years, JMP Securities said.

Paccar (PCAR) - Get PACCAR Inc Report was upgraded at RBC Capital to outperform from sector perform. Twelve-month price target is $75. Company is leveraged to an improving domestic commercial truck cycle and overseas should eventually follow suit, RBC Capital said.

Schlumberger (SLB) - Get Schlumberger NV Report was downgraded at Goldman Sachs to neutral from buy. 2015 estimates are now 22% below consensus, Goldman said. Twelve-month price target is $76.

Windstream (WIN) - Get Windstream Holdings, Inc. Report was upgraded at Bank of America/Merrill Lynch to buy from neutral. Valuation call, based on a 12-month price target of $10, Bank of America/Merrill Lynch said.

Western Refining (WNR) was downgraded at Goldman Sachs to sell from neutral. Permian spreads should continue to weaken, Goldman Sachs said. Twelve-month price target is $33.

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This article was written by a staff member of TheStreet.