Morgan Stanley analyst Simeon Gutman said he is skeptical Bed Bath & Beyond will be able to deliver results in line with its "overly optimistic" 2019 guidance given the company's weak Q1 outlook. He also questions the achievability of the company's "bullish" long-term guidance as he expects macroeconomic pressure and competitive headwinds to intensify. Gutman added that he believes Bed Bath's intention to accelerate its board refreshment process may not suffice and that the company could be headed towards a proxy fight with the activists that are involved in the stock. He keeps an Equal Weight rating and $20 price target on Bed Bath & Beyond shares.