Where Could Adobe's Next Growth Come From?

Adobe’s revenue grew 12% over the last year, slower than most of its big software peers. The share price appears to assume that its growth is fading. Over the last year, the stock fell 35%, while the S&P 500 returned 17.7%. Adobe (ADBE) trades at 12.5 times its earnings, against 22.1 for the index. Management pointed to a small, fast-growing line on its fiscal Q3 2026 call. Is that going to be enough? Where could Adobe’s next real growth come from.