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.

Reach out and touch this stock
Don't look now, but the telecom giants are headed in opposite directions. It's fairly common for Verizon Communications (NYSE: VZ) and AT&T (NYSE: T) to trade in tandem with one another, but lately, this hasn't been the case. With news of AT&T's merger with T-Mobile being held up, Verizon and the quick rollout of its 4G LTE network has allowed it to gain all of the sector momentum. AT&T, on the other hand, is just a hair's breadth away from a new 52-week low. Perhaps now is the time to answer that call from AT&T.

Remember, when you purchase a larger telecom, you're not going to get exceptional growth or mind-boggling earnings beats. Instead, you get stable cash flow, an often-uninterrupted streak of dividend increases with high yields, and a business that can thrive in a growing or shrinking economy. AT&T is now trading well below its five-year average in P/E and price-to-book, all while sporting a delectable 6% dividend yield which has grown annually by more than 5% over the past five years. Dislike market volatility? Make AT&T your new friend.

An interesting coincidence?
I can't say I'm much of a fan of buying into buyout rumors, but I'm willing to make an exception for Boston Scientific (NYSE: BSX). Buyout rumors have been swirling for years around the manufacturer and marketer of medical devices, and it appears the likelihood of those rumors becoming true is improving.

For years, it's been rumored that Johnson & Johnson (NYSE: JNJ) might have an interest in the company. I believe that interest could be further heightened by the fact that J&J recently exited the stent business and that Boston Scientific's recently appointed CEO, Mike Mahoney, was the former head of J&J's medical device and diagnostics division. Boston Scientific's stagnant sales haven't exactly done anything to boost investor confidence in the stock as a stand-alone company, so I think putting itself on the selling block makes a lot of sense. With it currently valued at 75% of book value and 11 times forward earnings, I feel it makes for a compelling buyout candidate.

Plop, plop, fizz, fizz, oh what a relief it is
No, this isn't going to be a plug for Alka-Seltzer, but it most definitely is a plug for beverage producer PepsiCo (NYSE: PEP).

Like AT&T, PepsiCo offers shareholders steady profitability and a handsome dividend; so what's wrong with the stock? One possible reason why PepsiCo is nearing a new 52-week low relates to its reliance on Europe for a sizable portion of its revenue. It's not so much about the fear that volume in Europe will drop as it is a question of how much Pepsi will lose in currency translation if the euro continues to fall.

Although these fears have merit, Pepsi has a long history of proving pessimists wrong. With a 3.4% yield and at 13 times forward earnings, Pepsi boasts a cheaper forward multiple than Coca-Cola (NYSE: KO) and a slightly higher yield than Dr Pepper Snapple Group (NYSE: DPS).

Foolish roundup
Past results may be no guarantee of future results, but these companyies all offer the right mix of value and products to weather anything short of a catastrophic global economic collapse. Trust in those companies that reward shareholders with increasing dividends and you just might sleep better at night.

What's your take? Do these fallen angels deserve a second chance or are these stocks washed up? Share your thoughts in the comments section below and consider adding AT&T, Boston Scientific, and PepsiCo to your watchlist to keep up on the latest news from each company.