Microsoft may have just snatched up Nokia’s handset business, but in his latest column for Forbes.com, Validea CEO John Reese says a number of attractive communications equipment stocks remain.

“The communications equipment industry on the whole is one that hasn’t wowed investors lately, with many of its members trading at valuations well below what one might expect of companies that make some flashy, cutting-edge products,” Reese writes. “Part of that is likely due to the rapidly changing nature of the communications technology arena; part may simply be due to global economic concerns.”

But, he says, low expectations cam make for great investment opportunities. Reese says his Guru Strategies — computer models based on the approaches of some of history’s most successful investors — are finding a lot of opportunity in telecom equipment industry stocks. He looks at five of them, including Tessco Technologies.