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S&P Capital IQ tech analyst Scott Kessler says investors shouldn't overlook certain tech stocks even though he rates the entire sector as "overweight."
Kessler described Twitter as a company with a lot of value but significantly misunderstood. "We think a lot of good things can happen there," he said.
Despite his overweight rating on the sector, he acknowledged that the summer months tend to be slow. "That's when inventory is building, there is less economic activity, Europe for the most part is on vacation in August and folks really are looking towards the fourth quarter," he said.
He cautioned that this earnings season will likely continue to see disappointment from a stronger dollar. This is especially the case for companies like Ebay, Facebook and Google, he said, which bring in well over 50 percent of their revenues from overseas. Guidance could also be "tepid" due to a stronger dollar and seasonal weakness that could continue into the third quarter.
Disclosures: Neither Scott Kessler nor S&P Capital IQ owns shares of Facebook, Google or Ebay. Kessler does not own shares of Twitter or Yahoo.