Rise of Microsoft gives Apple more bargaining power with Google, says BofA

Following a media report that said Samsung (SSNLF) had considered changing its default search from Alphabet’s (GOOGL) Google to Microsoft’s (MSFT) Bing, BofA argues that the rise of Microsoft as a potential alternative to Google gives Apple "more bargaining power to better monetize what is an extremely attractive installed base" of over 2B Apple devices. The firm, which estimates that Google pays Apple about $20B for being the default search engine across iOS devices, maintains a Neutral rating and $168 price target on Apple shares.