AT&T's Mizuho Fireside Chat: A Golden Opportunity to Bet on This Telecom Titan

The clock is ticking. On June 10, 2025, AT&T CFO Pascal Desroches will take the stage at the Mizuho Technology Conference for a fireside chat that could redefine the telecom giant's trajectory. This isn't just another earnings call—it's a high-stakes moment where AT&T will lay out its roadmap to dominate the 5G era, slash debt, and deliver shareholder returns. If you're not paying attention, you're leaving money on the table. Let me break it down.

Why This Fireside Chat Matters

AT&T has spent years transforming itself from a traditional telecom provider into a digital powerhouse, and Desroches' presentation will reveal whether those efforts are paying off. With the company's stock trading at a 52-week low and skepticism about its ability to hit financial targets, this event could be the catalyst to unlock value. Here's what to watch for:

1. Free Cash Flow: The Engine of AT&T's Comeback

AT&T's 2025 guidance calls for $16 billion+ in free cash flow, a critical metric for funding dividends, repaying debt, and investing in growth. The sale of its 70% stake in DIRECTV—netting $5.4 billion in 2025—has already given the company a massive cash infusion. But will Desroches confirm that the DIRECTV windfall isn't just a one-time boost?

The answer here is crucial. If AT&T can sustain this cash flow without the DIRECTV proceeds (which are now excluded from its metrics), it'll signal true operational strength. Look for Desroches to emphasize how 5G network rollouts and cloud services like AT&T Business Direct are driving recurring revenue.

2. Debt Reduction: The Debt-to-EBITDA Ratio Everyone's Watching

AT&T aims to hit a net-debt-to-EBITDA ratio of 2.5x by mid-2025, down from 3.0x in 2024. This is no small feat. The company has slashed debt by $15 billion since 2020, but skeptics argue it's still overleveraged.

Desroches will likely highlight how the DIRECTV sale's proceeds are accelerating this deleveraging. But here's the kicker: AT&T's real estate sale-leaseback deals—like the $850 million Reign Capital transaction—are freeing up capital without hurting operations. If he can show progress toward 2.5x, this stock could soar.

3. Growth in 5G and Verticals: Where the Future Lies

AT&T isn't just a pipe-and-cable company anymore. Its 5G network now covers 99% of the U.S. population, and its focus on enterprise clients (think AT&T NetBond for secure cloud connectivity) is a gold mine. The company's $3.5 billion investment in fiber and partnerships with Microsoft Azure and Salesforce are key to its “as-a-service” strategy.

Desroches will need to prove that these investments aren't just cost centers—they're revenue engines. Look for him to tout growth in segments like satellite TV (despite the DIRECTV sale) and connected vehicles through its partnership with Ford and GM.

4. The Dividend: A Lifeline for Income Investors

AT&T's dividend yield of 5.8% is a magnet for income seekers, but it's only sustainable if free cash flow stays robust. If Desroches wavers on maintaining this payout, shares could crater. However, with cash piling up from asset sales and operational improvements, I expect him to reaffirm the dividend's safety—and possibly hint at a future increase.

What's the Risk?

Skeptics will point to AT&T's $500 million in delayed DIRECTV payments (due in 2029) and competition from Verizon and Dish. But here's why I'm not worried: AT&T's scale, brand loyalty, and data-driven customer retention (its wireless churn is a best-in-class 0.8%) give it an edge. Plus, its $10 billion in annual capital expenditures ensure it stays ahead in 5G.

The Bottom Line: Buy Before the Chat

Shares of AT&T (T) are priced for failure, but this fireside chat could flip the script. If Desroches delivers on free cash flow, debt reduction, and growth metrics, this stock—currently at $18.50—could jump to $22+ by year-end.

Action Plan:
1. Buy now at $18.50, with a $16.50 stop-loss to protect against a miss.
2. Set a target of $22 by December 2025.
3. Watch the webcast live (June 10, 8:15 AM ET) at investors.att.com—don't miss the Q&A for hidden gems.

The telecom sector is ripe for a comeback, and AT&T's got the cash, the network, and the strategy to lead it. This is your chance to buy a $230 billion company at a discount—don't let it slip away.

Final Call: This isn't just a stock—it's a bet on the future of connectivity. Get in before the crowd.