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Today's top calls: Buy Western Digital, Nokia

Traders work on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters
Traders work on the floor of the New York Stock Exchange.

Here is the best company and market research that was sent Wednesday morning to clients on Wall Street.

1. Top-ranked analyst: Buy Western Digital

One of the best analysts on Wall Street told clients to buy Western Digital because the shares have an extremely cheap valuation and investors are underestimating the staying power of hard-disk drives.

2. China chip-making to surge, boosting this stock

Applied Materials is going to ride a wave of growth in China as the country makes more and more of its own chips for smart phones, tablets and other devices, Citi Research said Wednesday. Shares of the semiconductor capital equipment maker should post double-digit returns in the next 12 months, according to the firm.

3. 'Bombed-out' Nokia stock is a value here: CLSA

The drop in Nokia's stock is overdone and most of the bad news is behind the company, CLSA told clients on Wednesday.