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Morgan Stanley: Sell Under Armour

Jordan Spieth isn't the only one having a bad day today.

Shares of Under Armour were under pressure after Morgan Stanley reiterated its "sell" rating on the stock, and slashed its price target to $32 from $64.

The firm cited concerns over growth momentum and therefore a loss in market share as primary reasons for the call.

Morgan Stanley initially cut the stock to "underweight" on Jan 11. Shortly afterwards Under Armour rallied 17 percent on its strong fourth quarter that beat analyst estimates.

But while CNBC's "Halftime Report" experts disagree with the call, they're not jumping in at these levels.

Under Armour is set to report earnings on Apr 21. Josh Brown will be watching its numbers carefully because while he believes the company has strong brand recognition, he thinks that investors are worried about the "bigger picture."

Should the company miss on earnings, Brown believes it will present an attractive buying opportunity.

"If you believe in Under Armour...you look for a miss. That's when you want to buy. You're not looking to buy after they blow their numbers out like they did in January," Brown argued.

Weiss added that the company's guidance will be especially important.

"I think you want to wait until after the quarter, because it's not about this quarter, it's about what they say," he said.

Joe Terranova disagrees with Morgan Stanley's price target cut and the firm's emphasis on Under Armour's poor sales. He believes that the fourth quarter was generally "lousy for retail" and was not company specific.

If the brand's past performance is any indication of the future, Terranova believes that the company will once again deliver strong results. "Under Armour has only missed one time, the fourth quarter of 2006," he pointed out.

While Terranova doesn't think the company will be returning to recent highs any time soon, he does believe that at "$40, $45 you can't go wrong."

Pete Najarian—a long time Under Armour bull—also argued to wait until after earnings to buy the stock. He's hoping the brand undergoes a turnaround similar to Lululemon, which has rallied 16 percent year-to-date.

Focusing on footwear

While one Under Armour spokesperson had a bad day, another had a good one.

Stephen Curry helped lead the Golden State Warriors to a tie with the Chicago Bulls for the all-time wins record in a single season.

With Curry endorsing Under Armour, Najarian believes footwear sales could climb even higher.

"That puts Under Armour right in front of people," he said on the "Halftime Report."

Najarian did point out, however, that footwear currently only represents 17 percent of overall sales.

Trader disclosure: On April 11, 2016 the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Halftime Report" 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: Long AAPL, BAC, BMY, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE,SAVE, VIAB Long Calls: AAL, AMAT, AGN, AKS, AMJ, BAC, BAX, BBBY, CL, CRM, DAL, EBAY, ECA, EGO, ENER, GRPN, HAIN, IBM, KBH, KO, KSS, LC, MDLZ, MET, MSFT, NLNK,POT, RIG, SBUX, SCHW, SLV, SLW, SPG, TCK, UAL, WYNN, XOM, YHOO, ZIOP, EWZ, GDX. Long Puts: DB, HES, MS, PBR, RY, VLO

Joe Terranova: Long VRTS

Steve Weiss: Long AAL, C, CVC, EPD, MRO, NBIX, SRPT, VIAB