A new call to break up Procter & Gamble

• Bernstein thinks Procter & Gamble (PG -0.3%) should split into two or three large companies - instead of sticking with the current plan of shedding smaller unprofitable business lines in a piecemeal fashion.
• The analysts at the investment firm call P&G an inflexible and slow-moving behemoth that no longer can outperform based on scale alone.
• Shares of Procter & Gamble are -12.0% YTD.