Investors who missed the remarkable 40% market rally since early March might think they've been priced out of the action -- that there are no more bargains to be had. Indeed, the forward price/earnings multiple of the S&P 500 has shot up nearly 24% since March to 16 from just 13. And, alas, it's not difficult to find market watchers who say U.S. equities are overpriced.

Fortunately this hasn't been an equal-opportunity rally, market professionals say, leaving some marquee names trading at compelling valuations. "From the March bottom, in every single sector, lower quality is outperforming higher quality," says Hank Smith, chief investment officer of equity at Haverford Investments in Haverford, Penn.

See Cisco and four other blue chips trading at bargain prices

That's typical market behavior when it is anticipating a recovery, Smith says, leaving lots of big names out there for the taking on the cheap. "There are tremendous bargains in high-quality, blue-chip growth companies," he says. "Investors have an opportunity to get great companies in which they can be confident of being long-term shareholders."

SmartMoney spoke with the pros to suss out opportunities among some of biggest and best-known names around. From technology to consumer staples to financials, here, then, is a look at five blue-chip bargains for the next three to five years.

Bandwidth, Bandwidth, Bandwidth

52-Week High: $26.70

52-Week Low: $13.61

Forward P/E: 16

At first the Internet was all about moving data. Then came voice. Now comes the truly bandwidth-intensive feat of delivering video around the globe. That spells good things for Cisco (CSCO), a newly minted component of the Dow Jones Industrial Average. As the world's largest maker of switches, routers and networking equipment, Cisco provides the backbone of the Internet, says Andy Goodwin, portfolio manager at Aston/Optimum Large Cap Opportunity fund (AOLCX). "The migration to video is a global event and it provides double-digit growth opportunities for Cisco," he says. "When the economy recovers we think these guys will be back to a 15% earnings growth rate. It's not a dirt-cheap value stock but it is a fairly priced growth stock."

Grabbing Share in Emerging Markets

52-Week High: $49.51

52-Week Low: $29.12

Forward P/E: 14

As the world's largest food company, Nestle (NSRGY) brands range from Poland Spring water to Stouffer's frozen meals to Fancy Feast cat food. "They claim the No. 1 or No. 2 spot in almost every field in which they compete," says Steven Roge, portfolio manager at the Roge Partners fund (ROGEX). "And they've made a very strong push into emerging markets like Latin America, India and China." That's allowed the company to grab market share at a very rapid pace and convert customers for "what's probably going to be for life," Roge says. Back out certain assets and you're getting a "world-class company" for 12 times earnings, says Roge. And don't be scared off by the fact that Nestle trades on the Pink Sheets -- the ADR is plenty liquid, Roge says.

Growth and Dividends in Good Times and Bad

52-Week High: $73.57

52-Week Low: $43.93

Forward P/E: 14

Dow component Procter & Gamble (PG) isn't just the nation's biggest consumer products company; it has a 50-year history of raising its annual dividend. Throw in a "tremendous" management team (even as A.G. Lafley cedes the CEO role but stays as chairman), a strong balance sheet, "and the confidence that they are growing both earnings and dividends at the same time," and you've got to like this blue chip, says Smith of Haverford Investments. Furthermore, once it becomes clear that the next economic expansion is going to be subpar by historical standards, the market is going to come back to high-quality "Steady Eddies" like P&G, Smith says. "It is hard to see much downside risk if an investor has a three- to five-year time frame."

Best in Breed

52-Week High: $190.04

52-Week Low: $47.41

Forward P/E: 11

As one of the last independent Wall Street investment banks/broker-dealers, Goldman Sachs (GS) looks to be able to take advantage of the vastly different financial landscape, says Aston/Optimum's Goodwin. Not only is there less competition, but Goldman should be able to lure top talent away from the likes of Bear Stearns and Merrill Lynch now that they are but parts of banking giants JPMorgan Chase (JPM) and Bank of America (BAC), respectively. "They are the lead horse with a competitive advantage at attracting the best people," Goodwin says. Goldman should have a cyclical snap-back from an improving economy, at which point it should generate a double-digit long-term growth rate, says Goodwin. "And for all of that you can buy the company at 11 times earnings."

Once and Future Blue Chip

52-Week High: $6.75

52-Week Low: $1.01

Forward P/E: N/A

Now that bankrupt General Motors is majority owned by the federal government and Fiat was essentially stuffed with money to keep Chrysler alive, Ford (F) has garnered a reputation of being an "underdog, a fighter and a winner," says Bernie McGinn, chief investment officer of McGinn, McKean & O Neill in Alexandria, Va. Not only does Ford have a stress-tested chief executive in Alan Mulally (he flew Boeing (BA) through the turbulence following Sept. 11), but the company was wise enough to borrow all the money it needs right before the credit markets seized up last fall. "Ford could pull back, but not past $5," McGinn says, "and in the short term it could easily double from here. In a couple years I can make the case that it will go to the low $20s."