JPMorgan analyst Christopher Horvers downgraded Bed Bath & Beyond to Underweight and cut his price target for the shares to $18 from $21. The stock has run up 16% since the House passed the tax bill in November, and recent estimate revisions suggest the Street is assuming 50% flow through of tax savings, Horvers tells investors in a research note. He believes this could prove aggressive given the "beefed up" competition in the home furnishings space and Bed Bath's need to invest in price, advertising, and infrastructure. The analyst does not see a turn "in sight" for the company's comps.