Analyst downgrades:

• Jefferies downgraded United Online (NASDAQ: UNTD) to Hold from Buy to reflect the slowdown in Classmates pay account growth in Q2 and the company's lowered-than-expected Q3 revenue guidance. The firm lowered its target on shares to $9 fro $11.
• Piper Jaffray downgraded Energy Conversion (NASDAQ: ENER) to Underweight from Neutral on near-term outlook concerns and lowered its target on shares to $9 from $21.
• Oppenheimer downgraded Cubist Pharmaceuticals (NASDAQ: CBST) to Underperform from Perform on valuation as it sees low probability of a takeout and Cubicin litigation risk. Opco thinks shares are fairly valued in the $17-$19 range after adjusting for an in-licensing or acquisition.
• SunTrust (NYSE: STI) was downgraded to Market Perform from Outperform at Keefe Bruyette.
• Lloyds Banking (NYSE: LYG) was downgraded to Hold from Buy at Deutsche Bank.
• Lincoln National (NYSE: LNC) was downgraded to Buy from Conviction Buy at Goldman.

Analyst initiations:

• Deutsche Bank expects JPMorgan (NYSE: JPM) to remain profitable in the second half of 2009 and 2010 given its less-than-peer exposure to commercial real estate and better revenue momentum. The firm set a Buy rating and $48 price target on the stock.
• Textron (NYSE: TXT) was initiated with a Hold rating at Stifel Nicolaus.
• Gaiam (NASDAQ: GAIA) was initiated with an Overweight rating and $7 target at Thomas Weisel.
• Rio Tinto (NYSE: RTP) was initiated with a Sector Perform rating at RBC Capital.