1. AT&T's Fiber Broadband growth and increased free cash flow make it an attractive option for passive income investors with a low dividend payout ratio. 2. The Telco's reaffirmed 2024 free cash flow forecast and low valuation based on profits support the investment thesis despite recent 52-week highs. 3. AT&T's stock is moderately valued at 9.5x leading profits, with an intrinsic value estimate of $23-$25 driven by robust FCF growth.