Stifel reiterated a Buy rating and $80.00 price target on Nike (NYSE: NKE) following the company's acquisition of Invertex. The purpose of the acquisition is to strengthen Nike’s digital initiatives with added talent and capabilities in computer vision and artificial intelligence.

Near-term, Stifel views Invertex as aligned with NIKE’s strategy to enhance consumer connections and gather related data insights as a source of competitive distinction. Longer-term, this is seen as a stepping stone to drive advanced manufacturing methodologies where 3D images of a consumer’s foot are used to produce custom fitted products on demand.

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Shares of Nike closed at $67.18 yesterday.