After the Wall Street Journal reported that Qualcomm may be considering breaking itself up, Bernstein says that such a move would likely reduce the company's value. The firm says that the company's licensing and chipset businesses are synergistic, as the chipset unit's R&D and IP generation boost its licensing results. The firm thinks that trying to preserve this relationship after a break-up "seems cumbersome and dis-synergistic." Bernstein adds that both businesses appear to have structural challenges, further undermining the idea that value could be created via a split. The firm recommends trimming positions in the shares if they rise,. and keeps a Market Perform rating on the name.

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