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.
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