NEW YORK (TheStreet) -- RATINGS CHANGES

ADT(ADT) - Get 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 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 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 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 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 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.

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 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 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 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 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 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.