Increasing global domination of Google's Android operating system, rapid market share gains by its Chrome browser and the potential of its Chrome OS for PCs position the Internet search giant to benefit from the digitization of human life, Wedbush Securities said.

The brokerage upgraded the stock to outperform from neutral, saying Google is well positioned to benefit from mobile and social secular trends.

Wedbush said the company seems to be benefiting from an improving global economy and the positive impact of Google Instant, which displays search results as users type.

Google Instant is positively impacting both cost-per-click and paid clicks, the brokerage said in a note.

Seeing an acceleration in Android's search revenue, Wedbush said owning the world's dominant mobile platform will be monetized in ways investors can't appreciate today.

Google shares, up 22 percent over the past six months, were trading at $596.98, up 1 percent, on Monday on Nasdaq.

(Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Joyjeet Das)