Just as we examine companies each week that may be rising past their fair value, we can also find companies potentially trading at a bargain price. While many investors would rather have nothing to do with companies tipping the scales at 52-week lows, I think it makes a lot of sense to determine whether the market has overreacted to the downside, just as we often do to the upside.

Here's a look at three fallen angels trading near their 52-week lows that could be worth buying.

A golden opportunity
Yeah, folks, here comes the "homer" pick. As an owner of Golden Star Resources (AMEX: GSS) in my own portfolio, it has done nothing but frustrate the daylights out of me. Every year brings the promise of higher potential gold yields and the hope that its Prestea mine will live up to expectations -- and still I wait as the company continually cuts output guidance and pushes back Prestea's potential even further. Still, this is a highly undervalued gold miner when Prestea's full production finally does get factored into the mix.

Prestea is eventually expected to dramatically increase Golden Star’s earnings potential. Not known for low-cost production, Golden Star does rely on high gold prices and volume to bring in profits. Currently valued at 9 times forward earnings, Golden Star already appears to be a compelling buy even though it's a repeat production-reduction offender (try saying that three times fast!). While I could just as easily own Newmont Mining (NYSE: NEM) for its fancy dividend linked to the average price of gold, or Silver Wheaton (NYSE: SLW) for its monstrous margins, I choose to believe that at only 1.15 times book value, Golden Star has the greatest appreciation potential moving forward of the three.

Jump in this barrel
Investing in the financial sector three years ago was akin to jumping in a barrel and going over Niagara Falls. Once in a while, though, people did manage to come out unscathed on the other side, as in the case of First Niagara Financial (Nasdaq: FNFG).

First Niagara has just about done no wrong even as many of its peers collapsed around it. Over the past couple of years, assets, deposits, and shareholder equity have risen sharply. Most importantly, over the past decade, which encompasses two recessions, the company turned a profit each and every year. Yielding an insane 6.7% now and with a dividend history that shows an incredible annual growth rate of 16.5% over the past 10 years, it puts many of its savings-and-loan peers to shame. Despite this rapid growth, the company is valued at only 71% of book value, leaving plenty of room for upside growth.

Generic profits
Stop me if you've heard this one before -- I think highly of Teva Pharmaceutical (Nasdaq: TEVA) at these levels. Part of my 10 Large Caps to Rule Them All series, Teva stands out as a company that will perch itself up on a branch and simply vulture drugs from large pharmaceutical companies as they fall off the patent cliff. I've been vocal in the past that large pharmaceuticals like Forest Laboratories (NYSE: FRX) with Lexapro and Eli Lilly (NYSE: LLY) with Zyprexa stand to lose a significant portion of their revenue to generic competitors (i.e. Teva).

With that being said, Teva's prospects moving forward look bright. Having already licensed more than 1,450 molecules, Teva has a pipeline of generics that appears strong. Currently valued at what I consider a bargain-basement 6 times forward earnings and boasting a long-term growth rate of 9%, you may need a doctor if you turn down Teva at these levels.

Foolish roundup
Just like the 1950s, we've established some oldies but goodies this week. Old-fashioned, high-growth, stable businesses with good growth prospects are not surprisingly often a bright spot for long-term investors.