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Is B for bullish?

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Pivotal Research: Buy Alphabet


Shares of Alphabet popping higher as Pivotal Research Group upgraded the stock to "buy" from "hold" and increased their price target to $970 from $800.

In research note, the Wall Street firm pointed to positive business trends and a decreasing impact of currency headwinds for Google's parent company Alphabet.

Not all Halftime Report pros agreed with this call.

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Traders dig into Alphabet 'buy' call

Josh Brown sees potential red flags ahead. "Going forward, Alphabet is not quite as dominant in cloud computing as Microsoft and Amazon; and not quite as dominant in mobile phones as Apple," Brown noted.

The multiple concerns Pete Najarian. "Right now, they are talking about a forward P/E of 18. If you get to those levels, there's got to be some improvement in earnings numbers as well. Otherwise, that multiple seems awfully high."

Stephen Weiss disagrees with Najarian. "I think [Alphabet] deserves this market multiple and should be a main stay in a portfolio."

Joe Terranova believes in a rally ahead. Alphabet is a buy here, Terranova urged. "I think it gets above $800. The business models are working right now."

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

Trader disclosure: On April 11, 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, CORE, DE, DNKN, GE, JMBA, LNKD, SAM, SHAK, SPWR, TWTR, XLE

PETE NAJARIAN (AS OF 4/7/2016): Long AAPL, BAC, BMY, DIS, DISCA, DVN, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE. Long Calls: AAL, AAPL, AGN, AKS, AMJ, BAC, BAX, CL, COP, CRM, DAL, EBAY, ECA, EGO, GE, GRPN, HAIN, IBM, KBH, KO, KSS, LC, MDLZ, MET, MS, MSFT, NLNK, POT, SBUX, SCHW, SLW, SLV, SPG, TCK, UAL, WYNN, XOM, YHOO, ZIOP, EWZ, GDX. Long Puts: HES, PMR, RY, VLO

JOE TERRANOVA: Long VRTS

STEVE WEISS: Long AAL, C, CVC, EPD, MRO, NBIX, SRPT, VIAB