Buy ServiceNow because the IT company outperforms the rest, according to Bank of America. Analyst Brad Sills maintained a buy rating on ServiceNow, calling it a top pick after checks with the software company’s nearly a dozen partners suggested “healthy and sustainable demand.” “We maintain our Buy rating and view NOW as the best pick given our view that it is positioned to maintain best-in-class growth (mid-20s cc) among a large software group in a challenging environment,” Sills wrote Thursday. “Resistant growth is driven by incremental traction with newer employee and customer organizations, on-demand for the rapid time to value and high ROI associated with the ServiceNow workflow automation suite,” Sills added. Shares of ServiceNow are up more than 7% this year, after falling roughly 40% in the previous year. The analyst’s $500 price target suggests the stock could jump another 20% from Wednesday’s close. Shares rose slightly in pre-market Thursday. ServiceNow CEO Bill McDermott sounded positive on CNBC on Wednesday, saying there is “no chance” of a recession in IT spending. Meanwhile, the analyst said he expects ServiceNow to lead the digital transformation to automate back office workflows as it grows over the next few years. “[Given] the size of the market that ServiceNow addresses ($65 billion + combined ITOM/ITSM and workflow-customized application market) and only ~9% penetration today, we believe 25%+ current booking/cRPO growth is sustainable over the next 3-5 years,” read the note. – CNBC’s Michael Bloom contributed to this report.