Analyst downgrades:

• JPMorgan downgraded Disney (NYSE: DIS) to Underweight from Neutral as the firm thinks that the company's performance will be hurt by ESPN, Theme Parks, and Consumer Products.
• Level 3 Communications (NASDAQ: LVLT) was downgraded to Sell from Neutral by Goldman Sachs after the company reported Q2 results that Goldman views as disappointing.
• NetApp (NASDAQ: NTAP) was downgraded to Neutral from Buy by FTN Equity, which cited valuation.
• Evergreen Solar (NASDAQ: ESLR) was dropped to Average from Above Average by Caris on financing and price erosion concerns.
• RBS dropped Air France-KLM (OTC: AFLYY) to Sell from Hold.
• Dun & Bradstreet (NYSE: DNB) was downgraded to Equal Weight from Overweight by Stephens.
• Deutsche Bank (NYSE: DB) was lowered to Equal Weight from Overweight by Morgan Stanley.
• Kellogg (NYSE: K) was downgraded to Neutral from Buy by Janney Montgomery.

Analyst initiations:

• Citigroup initiated Royal Caribbean (NYSE: RCL) with a Buy rating, as the firm thinks that risks are priced into the shares and it believes that the stock will begin performing well in 2H10.
• Carnival (NYSE: CCL) was initiated with a Buy rating by Citigroup, as the firm believes that the stock will begin performing well in 2H10 and it thinks that Carnival is well positioned.
• F5 Networks (NASDAQ: FFIV) and Cisco (NASDAQ: CSCO) were initiated with a Market Perform rating by BMO Capital.
• Career Education (NASDAQ: CECO) was initiated with an Accumulate at ThinkEquity.
• Regis Corp. (NYSE: RGS) was initiated with an Outperform at Credit Suisse.
• Hawaiian Holdings (NASDAQ: HA) was initiated with a Buy at Jesup & Lamont.
• Pengrowth Energy Trust (NYSE: PGH) was initiated with a Hold at Canaccord.