Goldman Sachs Forecasts AT&T (T) Buyback Ramp-Up Fueled by 8% Free Cash Flow Growth

Core Viewpoint - AT&T Inc. is currently viewed as a strong investment opportunity due to its expected growth in free cash flow and share repurchases, despite mixed analyst ratings and price target adjustments from major financial institutions [1][2][3]. Group 1: Analyst Ratings and Price Targets - Goldman Sachs has lowered its price target for AT&T from $33 to $29 while maintaining a Buy rating, anticipating an 8% CAGR in free cash flow through 2029 driven by strong Mobility results and fiber network expansion [1]. - Wolfe Research downgraded AT&T to Peer Perform from Outperform without a specific price target, reflecting a broader downgrade of the telecom and cable sector to Market Weight due to declining KPIs [2]. - Morgan Stanley reduced its price target for AT&T from $32 to $30 but kept an Overweight rating, highlighting a positive outlook for the US wireless market and AT&T's fiber expansion as a competitive advantage [3]. Group 2: Company Performance and Strategy - AT&T is focusing on convergence and significant investments to build a network capable of meeting future AI demands while improving shareholder returns [1]. - The company operates through two segments: Communications and Latin America, indicating a diversified business model [4].