Apple could better monetize base if Bing becomes default search option: BofA
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Following the report that Samsung (OTCPK:SSNLF) may switch out Google (NASDAQ:GOOG) (NASDAQ:GOOGL) in favor of Microsoft (NASDAQ:MSFT) as its default search option on its smartphones, Bank of America said Apple (NASDAQ:AAPL) could better monetize its installed base of more than 2B if it chose to do the same.
Analyst Wamsi Mohan, who has a neutral rating and a per-share price target of $168 on Apple (AAPL), said it's estimated that Apple receives roughly $20B from Google to be the default search option on iOS devices. If that were to switch, due to Microsoft (MSFT) becoming a viable threat, Apple would have "more bargaining power" when it goes to renegotiate with Google for better terms. 
"Renegotiation would involve getting a higher amount per search," Mohan wrote in an investor note. "We estimate that Apple already gets around 80% of [traffic acquisition costs] to distribution partners."
However, if Apple (AAPL) were to switch to Microsoft (MSFT), the move could have some risks. Google (GOOG) (GOOGL) is still the dominant search browser, with more than 90% market share and iOS users could switch back to Google, thus resulting in declining search volume for Apple. 
If Microsoft (MSFT) were to become a "credible alternative" to Google (GOOG) (GOOGL) in search, it could make the Justice Department's antitrust case against Google that much harder and remove an overhang from Apple (AAPL), Mohan added.
Apple (AAPL) opened its first retail store in India on Tuesday, setting up shop in Mumbai.