"Halftime Report" traders Jim Lebenthal and Kourtney Gibson both own the stock, and agree that it's not yet time to sell.
Lebenthal believes there's "three to four more points in it [Nike], and maybe one more month before this call is right. He [the analyst] is going to be right, he's just a touch early," Lebenthal said of Rambourg's downgrade.
While Lebenthal isn't selling the stock here, he agrees with Rambourg's call that Nike's current multiple -- 25X forward price-to-earnings -- is "expensive" and perhaps unjustified given the company's slowing growth.
"The bulls, like me, will say that it's always expensive, that it's always a mid-20s multiple...that was based on its growth rate three, four, five years ago that was a lot bigger than it is now. That was before Adidas started kicking its fanny, and Adidas is continuing to do so," he said on Tuesday's "Halftime Report."
Like Lebenthal, Loop Capital President Kourtney Gibson believes the call is too early. The levels she's watching are $60-$62 to start dipping down, and $64-$65 to think about selling the position. The stock closed at $59.48 on Monday.
Gibson also noted that before Christmas -- traditionally the strongest season for retailers -- is not the time to sell the stock, so she's "holding it for now."
Jim Lebenthal and Kourtney Gibson own Nike.