Bear markets are never fun. Good news often fails to land with investors, blue chip stocks rarely prove to be rock-solid safe havens, and important sources of passive income, such as dividends, can dry up as companies rethink their capital allocation strategies.

History has shown, however, that bear markets are some of the best times to buy equities and hold them for long periods. U.S. stocks, on balance, have rebounded after every single bear market since the infamous stock market crash of 1929.

An open safe with a light inside.

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Which equities are top "buy the dip" candidates right now? While there are literally dozens of beaten-down stocks to consider, my view is that bargain hunters shouldn't overcomplicate matters. Instead of trying to swing for the fences on unproven commodities, I think the better option is to play it safe by sticking to blue chip equities that have taken a big hit from this dour market. 

Keeping with this theme, I think Amazon (AMZN 0.58%), Apple (AAPL 0.02%), and AstraZeneca (AZN -0.18%) are nearly guaranteed to rebound once market conditions improve. Below is a brief overview of why these blue chip stocks ought to quickly rebound once market sentiment changes for the better. 

Amazon: An unbeatable ecosystem

E-commerce giant Amazon has lost a staggering 32% of its value this year. Amazon's shares have been under heavy pressure all year long over concerns that higher interest rates will lead to increased expenses and slower U.S. economic growth will curtail spending by consumers. While these macroeconomic concerns are certainly valid, this negative sentiment has arguably gone overboard.

Underscoring this point, Amazon's stock is presently trading at under two times 2023 projected sales. The online retail giant's shares haven't been this cheap since 2016. This rock-bottom valuation isn't the only reason to buy its stock, however.

Thanks to its Prime membership program, Amazon sports one of the most comprehensive custom support programs in the industry. This novel ecosystem ought to allow Amazon to steadily grow key revenue streams like subscription services, and maintain its ginormous competitive moat, for the foreseeable future.

So, once the market stabilizes, Amazon's shares should be among the first to return to form. Over the longer term, Amazon shareholders ought to be in line for market-beating returns as a result of the company's nearly impenetrable competitive position, heavy emphasis on innovation, and ongoing expansion into other high-growth areas such as healthcare.    

Apple: Brand cachet galore

Like nearly all premium-laden tech stocks, Apple's shares have taken it on the chin in 2022. At the time of this writing, for instance, the iPhone maker's stock is down by a whopping 22% for the year. Bargain hunters, however, shouldn't hesitate to take advantage of this weakness.

The long and short of it is that Apple's diverse ecosystem of products, such as the iPhone, the Apple Watch, AirPods Pro, and Apple Music, is beloved by its users. As a result, the tech giant should have no trouble posting another year of positive top-line growth in 2023, despite a softer U.S. economic outlook. 

What's more, Apple's deep commitment to product innovation should keep it firmly on the top shelf of tech-oriented companies over the next several decades. This double-digit decline in Apple's shares may thus represent a once-in-a-generation type of buying opportunity.   

AstraZeneca: Ticking all the boxes

British and Swiss drugmaker AstraZeneca has been firing on all cylinders of late. Thanks in large part to its top-notch cancer franchise, the company substantially raised its 2022 revenue forecast earlier this year, a move that helped its stock gain a healthy 12.7% through the first seven months of the year.

Then the bottom fell out. Investors fled AstraZeneca, along with most other big pharma stocks, during the third quarter of 2022. And as things stand now, AstraZeneca's stock is currently down by a hefty 22.9% from its 52-week high. 

Investors bailed on major drug manufacturing stocks like AstraZeneca in Q3 due to the passage of the Inflation Reduction Act. The big deal is that this bill will eventually cut into big pharma's pricing power for expensive branded medications. That said, Wall Street analysts think this bill will only generate a modest 3% decline in revenue for the industry's biggest names. In other words, investors probably overreacted to this news.

Why is AstraZeneca stock a table-pounding buy right now? The company has built elite franchises in both cancer care and rare diseases. What's important to understand is that these two areas are relatively immune to the drug pricing controversy in the United States. What's more, cancer and rare diseases are two of the fastest-growing therapeutic areas across the whole of healthcare. AstraZeneca is thus well positioned for growth for a long time to come. 

And AstraZeneca is definitely a compelling bargain right now. Wall Street's consensus fair value estimate implies that this blue chip drug stock is currently undervalued by nearly 20%. That's unusually high upside potential for a major drug manufacturer, especially one that comes with a reliable dividend program. So if you're on the hunt for a mix of value and passive income, AstraZeneca should definitely be on your radar right now.