Microsft’s (NASDAQ:MSFT) Bing search engine is starting to give Google (NASDAQ:GOOGL) (NASDAQ:GOOG) a run for its money. Ever since Microsoft integrated ChatGPT into Bing, it has been gaining in popularity to the point where Samsung (GB:SMSN) is considering making it the default search engine on its devices. This has prompted analyst Wamsi Mohan from Bank of America to weigh in on whether Apple (NASDAQ:AAPL) should consider doing the same.
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According to Mohan, Apple could better monetize its user base by making the switch to Bing. In addition, this gives Apple more bargaining power when it comes time to renegotiate its agreement with Google, which pays $20 billion to Apple to be the default search engine. Nevertheless, Mohan noted that Google still controls 90% of the market, and making the switch to Bing would still carry risks that could result in lower search volume for Apple.
Overall, Wall Street rates all three stocks as Strong Buys, with analysts still expecting the most upside from Alphabet, despite the search engine drama. Indeed, the average price target for GOOGL is $127.48 per share, which implies over 21% upside potential.
