Sentiment appears to be building for a double-dip recession. Stocks are significantly lower as investors in the market bet on a weak economy. Fear is rising and all the negative headlines might be a self-fulfilling prophecy as nervous consumers tighten the purse strings thinking it more prudent to save during a time of uncertainty.

I’m not buying the negative sentiment. In fact, over the weekend I spent hours surveying the damage from recent selling of stocks. I found several interesting companies trading for low valuations based on current profit growth expectations. Just because the market is assuming a recession is forthcoming does not make it so.

Historically, I have found times like these to be lucrative for buying stocks that have sold off significantly. When was the last time a speculative market actually got it right? More often than not, investors get it wrong when it comes to making predictions. I think they are wrong this time, too.

Earlier this month, I stumbled upon a story on Bloomberg Television featuring Morton’s Restaurant Group (NYSE:MRT). The interview included a discussion with Morton’s CEO about the state of the steakhouse business. After being decimated by the recession and financial crisis, restaurants catering to beef are on the path to recovery and looking for more growth.

Those steakhouses that are publicly traded are priced way below levels reached before the recession began in late 2007. Many like Morton’s retrenched and refocused. From the looks of things on the operating level, such efforts are paying off. Stocks in the group have rebounded during the past year, but recent selling presents an opportunity to buy shares before they really take off.

There is nothing better than enjoying a great steak. Whether for business or pleasure, there would appear to be plenty of growth prospects for the space. With that in mind, here are three juicy steakhouses you can buy today:

Morton’s The Steakhouse

The recession hit Morton’s The Steakhouse pretty hard. Closing restaurants always is tough to do, but Morton’s did what was necessary given the economic reality. At its low, Morton’s traded below $2 per share. Its very survival was in question.

Fast-forward to 2011, and the company is back on its feet. Before the vicious selling off that began in July, Morton’s approached $8 per share. You can buy the stock today for $5.30 per share. Fueling that recovery was a return to profitability. In the first two quarters of 2011, the company made a profit of 21 cents per share.

For the full year ending Dec. 31, 2011, the average Wall Street estimate for profits is 48 cents per share. That number increases by 20% in the following year to 58 cents per share. Investors can buy the stock today for just 11 times current-year estimated earnings.

Given expansion opportunities overseas and a recovery in business spending, the future looks good for Morton’s despite what the market is telling us today. I would buy this stock at these prices.

Ruth’s Chris Steak House

Another upscale steakhouse that has had its share of trouble is Ruth’s Hospitality Group’s (NASDAQ:RUTH) Ruth’s Chris Steak House. It too traded for less than $2 per share at the market bottom in March 2009. At that time, the economy was in a shambles and consumer budgets were tight. There simply was little appetite for high-end steak.

Ruth’s has rebounded nicely during the recovery. Shares peaked near $7 per share in July before the correction took hold. Selling in the stock pushed Ruth back to the $5 level. The company has delivered positive profits during the past three quarters, matching Wall Street estimates. For the full year, the expectation is for a profit of 35 cents per share. For 2012, the estimate is 44 cents per share.

You can buy that 26% growth for just 15 times earnings. Until the economy shows real signs of a recession, this stock is a buy at these levels.

Texas Roadhouse

Casual steakhouse restaurant Texas Roadhouse (NASDAQ:TXRH) caters to the casual diner versus the upscale steakhouses mentioned above. The southern company operates about 345 locations in 46 states. That focus on the casual diner helped the company better withstand the recession. At its low, shares were approximately $5 per share. Today, the stock is trading for over $14 per share with a market cap of $1 billion.

Texas Roadhouse is down more than 20% during the July/August correction, but prior to that selling, shares were doing well considering the company has slightly missed analyst estimates in each of the past three quarters. For the full year, Texas Roadhouse is expected to make a profit of 85 cents per share, growing 14% to 97 cents per share in 2012.

Shares of Texas Roadhouse trade for 17 times current-year estimates. With this steakhouse, then, investors are paying a premium to own shares. I don’t mind the premium considering the casual nature of its business. If there is indeed a recession, the casual space is likely to hold up better than the upscale steakhouses. If there is no recession, earnings at Texas Roadhouse are likely to be higher than is currently anticipated.

I would buy shares at these discounted prices.