Coach shares rallying today as Baird upgrades the stock to a outperform and raises the luxury brand's price target to $50 from $45. But with the stock up more than 30% so far this year, is it still a good bet? The Halftime Report experts debated the call.

Steve Weiss believes Coach has regained momentum somewhat, but is still not a buy.

"I'm not there. I think it's had a pretty good move. Right now it's not a cheap stock...I'm going to stay on the sideline at this point. I think the easy money has been made," said Weiss.

Trader Josh Brown thinks there is hope for the stock.

"This stock is breaking out from a price action stand point. There are almost no luxury goods maker that has a chart that looks this good," said Brown.

Brown also says he wouldn't be surprised if an international buyer came in and tried to make a bid for coach.