Barclays analyst Matthew McClintock downgraded Bed Bath & Beyond to Underweight from Equal Weight and lowered his price target for the shares to $13 from $15. The analyst believes there is "limited, if any," visibility into a potential inflection point towards improving traffic trends. Further, he's "less than optimistic" that the company's gross margin can stabilize in the foreseeable future. While Bed Bath has several efficiency opportunities, these are likely not large enough to overcome a continuation of declining sales pressures, McClintock tells investors in a research note partially titled "More Holes than Swiss Cheese."