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Retail Trade: Is Michael Kors back in style?

The Halftime Report traders spot a faux pas.

Is the luxury handbag and apparel market heating up?

Shares of Michael Kors have rallied 40% this year and Topeka Capital Markets thinks the rally is just getting started. The firm sees 30% upside in the high-end retailer over the next 12 months, according to Barron's. The Halftime Report desk is mixed on the move.

Josh Brown suggests letting the stock consolidate recent gains. "This is not where you should be initiating a new position. It's had a V-shaped run," Brown said. Michael Kors is transitioning from a super-high end to a mass market brand, Brown added.

Pete Najarian says the move is not in the bag and recommends waiting. "You cannot chase this stock. Its recent upside move is too dramatic and too fast," Najarian said. Seeing Michael Kors in discount retail chains isn't helping the brand, Najarian argues.

Steve Weiss, who sold out of Michael Kors a few weeks ago, says it still has legs. "Earnings momentum cannot continue but, it could probably still go higher," Weiss said.

—By CNBC Producer Bree Kelly. Follow her on Twitter @Bree_Kelly

Trader disclosure: On March 14, 2016, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Halftime Report" traders:

JOSH BROWN: Long AAPL, BABA, DE, DNKN, JMBA, LOW, LNKD, SAM, SHAK, SPWR, TWTR, XLE, XON.

PETE NAJARIAN: Long AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI-A, KO, MRK, PEP, PFE, SAVE, VIAB, he is long calls AAL, AMJ, BAX, CLF, CMCSA, CNX, DAL, EGO, EMR, EWZ, FDX, FIT, GDX, GE, GM, HAIN, HBAN, HOG, KSS, LC, LUV, LVS, MDLZ, MET, MXIM, NRF, RHT, SCHW, SLV, SLW, SWN, UAL, USG, WYNN, ZIOP, he is long puts DB, EWH, RIG, RY, VLO, XME.

STEVE WEISS: Long AAL, C, CVC, GOGO, SRPT, TLLP, VIAB