10 Best Stocks to Buy According to Billionaire Steve Cohen

6. AT&T Inc (NYSE:T)

Point72 Asset Management’s Q4 Stake: $355.46 million

Number of Hedge Fund Holders: 80

AT&T Inc. (NYSE:T), the world’s largest telecommunications business and the leading supplier of mobile phone services in the United States, is a multinational conglomerate holding corporation headquartered in Texas that offers telecommunications, media, and technology services.

In Q4, AT&T Inc. (NYSE:T) generated $32.3 billion in revenues and $0.56 per share in earnings. The telecommunications giant earned $11.9 billion in cash from operations, including $6.8 billion in capital expenditures and $7.1 billion in total investment. Free cash flow also hit the $4.8 billion mark.

On March 25, Goldman Sachs confirmed its Buy recommendation for AT&T Inc. (NYSE:T), with a $29 price target. The firm’s analyst indicated increasing confidence in the company’s prospects, predicting that the stock value may climb to around $40 over time. This would mean a 50% increase from current levels, implying strong annualized returns. This view is influenced by the company’s distinct market share gains in the telecoms industry, its detachment from the trending “AI theme,” and its defensive business strategy.