There's one good thing about a major market downturn. It creates opportunities to buy stocks at more attractive prices. Sometimes, market downturns provide the chance to buy stocks at really great prices.

Of course, not every stock that's cheaper is necessarily a smart pick. But some are. Here are three bargain stocks you can buy right now that should be winners over the long term.

A small shopping cart with cash in it sitting on top of a man's palm

Image source: Getty Images.

1. Bristol Myers Squibb

Bristol Myers Squibb (BMY -0.39%) is one of the biggest companies in the pharmaceutical industry with a wide range of products on the market. Its stock has regained most of the loss experienced in the stock market sell-off caused by the COVID-19 pandemic. However, BMS shares still trade at less than 10 times expected earnings.

The drugmaker's current lineup includes several blockbuster drugs for which sales continue to grow briskly. Blood thinner Eliquis, cancer immunotherapy Opdivo, and rheumatoid arthritis drug Orencia are on that list. So are three cancer drugs that BMS gained with its acquisition of Celgene late last year -- Revlimid, Pomalyst, and Abraxane.

BMS also now has some promising new drugs and pipeline candidates thanks to the Celgene deal. It recently won FDA approval for Zeposia in treating multiple sclerosis. Reblozyl has picked up two FDA approvals, one for treating anemia in adults with beta-thalassemia and another for treating anemia in adults with myelodysplastic syndromes. BMS's pipeline features two cell therapies that have blockbuster potential, ide-cel and liso-cel.

These current products and candidates that could be on the way should fuel double-digit earnings growth for BMS over the next five years. The company also pays a dividend that yields close to 3%. I think that the combination of an attractive valuation, strong growth, and a solid dividend make Bristol Myers Squibb stock a smart pick right now.

2. Microchip Technology

Microchip Technology's (MCHP 2.67%) name gives away what it does. The company develops and sells microchips and embedded control technology used across multiple industries. Its shares are down more than 20% from the highs earlier this year and trade at around 14 times expected earnings, which is a low level historically for Microchip.

To be sure, Microchip could feel some short-term pain from the COVID-19 crisis and the resulting economic impact. Although the company recently reported that its sales for the quarter ending on March 31, 2020, will likely be higher than expected, it's taking actions to prepare for an economic downturn, including cutting executive salaries by 20%, cutting non-factory employees' salaries by 10%, and reducing capital expenditures.

But there are six megatrends that should enable Microchip to achieve strong growth over the next decade. Perhaps the most important of these is the rollout of 5G infrastructure. Closely connected to this 5G launch is the explosion in the Internet of Things (IoT), especially in industrial settings.

Other megatrends include growth in data centers, electric and hybrid cars, partially autonomous cars, and artificial intelligence. The great thing for Microchip is that these trends apply to many of the industries that the company already serves. I think this bargain tech stock is poised to deliver tremendous long-term gains. 

3. Walt Disney

Everybody knows The Walt Disney Company (DIS -0.02%). It claims one of the most famous brands in the world. And shares of the well-known and widely beloved company are much cheaper right now than they've been in a while, down more than 30% off highs from earlier in 2020.

Disney closed its popular theme parks due to the COVID-19 outbreak. It shut down its cruise line. With no one going to theaters during the coronavirus crisis, the company has delayed the debuts of its movies. Disney's media businesses could see revenue declines as companies reduce their advertising spending. Its ESPN sports network has been hit especially hard, with few sporting events to broadcast.

The company has had at least one positive development from the COVID-19 pandemic. Its Disney+ streaming service now has more than 50 million subscribers as parents across the world desperately looked for additional ways to keep their kids stuck at home occupied. 

While no one knows for sure how long it will be before Disney can resume some semblance of normal operations, it will happen sooner or later. The day will come when families return to Disneyland and Walt Disney World. Audiences will once again enjoy watching Disney's movies. Companies will advertise on TV. And sports fans will be able to watch live games on ESPN. Disney will bounce back. Its shares won't be available at bargain prices forever.