$AT&T Inc(T)$ bullish Telecom stocks have been decimated in 2023, in large part because rising interest rates make their dividend yields less attractive. In the case of AT&T, the yield is now up to 7.7%, and that alone would be enough to own the stock.
What's being overlooked is the company's improving cash flow and extremely low price-to-free cash flow multiple. Despite pricing pressure and the relatively weak growth in wireless revenue, AT&T is still a cash flow machine, and that's not likely to slow anytime soon.
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