My horses in my world (both tamed and untamed) are rapidly flashing between their original texture and black and white. It also removes their armour visually when their original texture is showing on all horses but some keep the saddle texture.
Donkeys and Mules are unaffected by this.
Thank you for your report!
We're tracking this issue in MCPE-160451, so this ticket is being resolved and linked as a duplicate.
That ticket has already been resolved as Fixed. Please check the Fix Version/s field in that ticket to see in which version this behavior was or will be fixed.
If you haven't already, you might like to make use of the search feature to see if the issue has already been mentioned.
Quick Links:
📓 Bug Tracker Guidelines – 💬 Community Support – 📧 Mojang Support
📓 Project Summary – ✍️ Feedback and Suggestions – 📖 Game Wiki