Lemonides has placed his bets on depressed pharmaceuticals stocks, and aerospace giant Boeing (BA). He sees the Dow climbing to 12,000 by next June, and predicts it could trade as high as 15,000 in "two or three years."

Our respondents' top pick, Microsoft has rallied nicely since March, but substantial gains could lie ahead as the software titan embarks on a new product-upgrade cycle, headlined by the launch of the Windows 7 computer-operating system, which has garnered glowing reviews. Microsoft trades for 15.5 times the $1.79 it is expected to earn in the fiscal year ending next June. Back out the company's nearly $4 a share in cash, and its price/earnings multiple is only 13. Microsoft returns cash to shareholders via a 52-cent annual dividend; it yields 1.8%.

Qualcomm (QCOM) is another tech bargain—and manager favorite. One Big Money manager expects the company to earn $2.36 a share in the next 12 months, which implies a P/E of 17.5—well below its five-year average forward P/E of 22, he says. Qualcomm boasts operating margins of 35%, and pays a dividend of 68 cents, for a yield of 1.6%. A maker of cellphone chips, it is gaining market share in the 3G (third-generation) handset market.

Cornell Capital's Hartzell is a fan of General Electric (GE), yet another top pick. It trades at about 14, but based on his sum-of the-parts valuation, it could be worth as much as 25. At the height of the credit crisis, amid concerns about its financial health, GE sold for under 6 a share.

Hartzell also likes eBay (EBAY), now at 22.27. It recently sold a majority stake in Skype, the maker of popular computer calling software. Hartzell figures eBay's retained interest in Skype is worth several dollars per share, and that eBay itself is worth 30.

Lots of tech companies, from Apple (AAPL) to Google (GOOG) to Yahoo! (YHOO), also dot the list of stocks our respondents consider most overvalued.

Lots of tech companies, from Apple (AAPL) to Google (GOOG) to Yahoo! (YHOO), also dot the list of stocks our respondents consider most overvalued.

Lots of tech companies, from Apple (AAPL) to Google (GOOG) to Yahoo! (YHOO), also dot the list of stocks our respondents consider most overvalued.