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Bank of America has a buy rating and 303 price target for INTU stock.

More Top 10 Software Stocks to Buy in 2020 More Credit (Smith CollectionGadoGetty Images) Software firms are poised for a good year.

Tech stocks were red-hot in 2019 and software stocks were no exception.

The group is up roughly 40 on the year collectively, and Bank of America analyst Kash Rangan says there is more upside ahead for top software stocks in 2020.

Bank of America is projecting 2.8 growth in information technology spending in 2020, up from 1.2 growth in 2019.

In addition, Rangan says easing trade risk and stabilizing global economies should serve as tailwinds for software stocks.

Here are Bank of Americas top 10 software stocks to buy in 2020.

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Next: Adobe (ticker: ADBE ) Credit (Smith CollectionGadoGetty Images) Adobe (ticker: ADBE ) Rangan says Adobe deserves a premium valuation relative to its peers due to its massive total addressable market and free cash flow opportunities.

However, he says the stock has room for upside from current levels even at a significant discount to its large-cap peer group, which trades at an average earnings multiple of 33.

While most investors and analysts focus on the next 12 months, Rangan says Adobe has the chance to create value for at least the next five years.

Bank of America has a buy rating and a 350 price target for ADBE stock.

Adobe (ticker: ADBE ) Rangan says Adobe deserves a premium valuation relative to its peers due to its massive total addressable market and free cash flow opportunities.

Salesforce.com ( CRM ) Salesforce is trading at a 15 discount to its peer group based on Rangans 2020 estimated enterprise value-to-revenue ratio.

While Salesforce may not put up the type of growth numbers its smaller competitors do, its size creates unique scale advantages within the cloud services industry.

In addition, Rangan says Salesforce should both grow its market share and expand its addressable market over time.

Intuit ( INTU ) Rangan says the small business ecosystem is strong heading into 2020, and new product launches such as QuickBooks Online Live and QBO Advance could serve as positive catalysts for Intuit shares.

Intuit has a track record of successfully upselling services to both free and paid customers, and Rangan says consensus earnings and revenue expectations for 2020 are too low.

He also projects double-digit, long-term revenue and earnings growth and says Intuit should double TurboTax live services revenue in fiscal 2020.

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