1. Adobe's stock is 36% off its all-time high, making it reasonably priced despite slower growth and competition from cheaper alternatives like Canva; 2. Adobe's growth has slowed to the low-double digits, but it remains a growing industry leader, with a relatively steady growth rate expected; 3. Adobe's Creative Cloud and continuous innovation in AI keep it indispensable for professionals, with an estimated 37 million Creative Cloud subscribers; 4. The author expects more buybacks from the company, which should support the share price.