(FORTUNE Magazine) – Value managers are often the market's harshest critics, carping about outrageous prices and unjustifiably high multiples. So, given the performance of the past several weeks, have stocks fallen far enough to turn those gripers into buyers? While most portfolio managers we talked to agreed the sharp decline is creating the best shopping opportunity in years, few are gorging--yet. "We're seeing some good values," says Ron Muhlenkamp of the Muhlenkamp fund. "The question is whether we can snooker some better ones."

Still, as testament to how far stocks have fallen since the terrorist attacks, many value managers admit they're rooting around in a sector they've long avoided--technology. Dave Williams of the Excelsior Value and Restructuring fund is buying shares of Nokia (NOK, $16), the world's largest mobile phone maker. The stock has plummeted 80% in the past year and a half, yet the company expects to meet this quarter's earnings targets and maintain margins at a healthy 15%. Thornburg Value's Bill Fries, meanwhile, is picking up shares of Microsoft (MSFT, $50). The 30% fall in the stock since July is unwarranted, he believes, given the bright prospects for the new XP operating system.

Some managers are nibbling at stocks with exposure to the hard-hit travel business (though not airlines). Ray McCaffrey, who runs the PBHG Large Cap Value fund, has bought shares of Walt Disney (DIS, $17), which gets about a quarter of its revenues from tourism. Disney now trades at just over one times sales, making the stock the cheapest it's been in 20 years, McCaffrey says. He also is buying Starwood Hotels & Resorts (HOT, $20) and Carnival Cruise Lines (CCL, $22), both of which have plunged since Sept. 11.

Another favorite sector: financials. Excelsior's Williams bought shares of Citigroup (C, $38) after the stock fell to its lowest level in nearly two years. True, the skidding economy is eating into its banking, brokerage, and credit card businesses. But, Williams says, unlike other financials, Citi has a strong balance sheet and a conservative loan portfolio, protecting it from rising defaults. That, combined with all the cuts from the Fed, should help the shares snap back.

--David Stires