The Top 7 Telecom Stocks to Buy in March 2024


  • American Tower Corp (AMT): Poised for growth with 5G and AI technologies.
  • Globalstar (GSAT): Significant revenue and Adjusted EBITDA growth expected.
  • TELUS Corporation (TU): Strong customer growth with increases in revenue and EBITDA forecasted.
  • Keep reading for more telecom stocks to buy!
telecom stocks - The Top 7 Telecom Stocks to Buy in March 2024

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There are some great telecom stocks to buy in March this year. The telecommunications industry is booming, with the continued rollout of fibre across the U.S. as well as 5G being an accretive tailwind for investors.

In this article, I’ve put together seven of the most promising telecom stocks for investors to put their money into for this year. I believe that these companies have the most upside potential out of all the brands in the industry, as well as having very promising prospects for growth.

Another great thing about these telecom stocks is that many of them pay great dividends and have initiated share buyback programs, making them attractive investment targets overall. So for investors who want a solid mix between stability and upside, here are the seven best telecom stocks to buy for March this year. Don’t miss out on these great companies you can scoop up at a bargain.

American Tower Corp (AMT)

American Tower Corporation logo on a smartphone with the website in the background on a computer screen. AMT stock.
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American Tower Corp (NYSE:AMT) is a global telecom REIT owning nearly a quarter-million communications sites.

The company has a concentrated customer base with most revenue generated by the top mobile carriers in each market. In the U.S., AMT operates more than 40,000 towers, accounting for almost half of the company’s total revenue in 2023. For 2024, AMT eyes a future driven by 5G and AI technologies, despite a slight dip in AFFO per share. The company forecasts strong demand and aims for a significant jump in free cash flow. 

Meanwhile, revenue forecasts for AMT from 2024 to 2026 suggest a steady growth, with an average forecast of $11.2 billion for 2024, showing a minor increase from the previous year. The revenue is expected to grow to $11.8 billion in 2025 and $12.6 billion in 2026. This helps make it one of those telecom stocks to buy.

Globalstar (GSAT)

In this photo illustration the Globalstar (GSAT) logo seen displayed on a smartphone screen
Source: rafapress /

Globalstar (NYSE:GSAT) has shown significant progress in 2023, reporting a 53% increase in total revenue for Q3, driven by an improvement in profitability and a notable 125% increase in Adjusted EBITDA from the same period last year. Investment in satellite procurement has been a major focus for the company with $110.2 million spent in the nine months ending in September 2023. 

For 2024, Globalstar anticipates total revenue to range between $225 million and $250 million, with an expected Adjusted EBITDA margin of approximately 50%. This forecast is based on the company’s operational successes and anticipated business growth.

It’s hard to beat an outlook like this, which makes GSAT one of those telecom stocks to buy. I also feel it could be one of the more undervalued picks on this list, with a price-to-sales ratio of just 12 times sales.

TELUS Corporation (TU)

Image of Fiber optical connections with servers
Source: Shutterstock

TELUS Corporation (NYSE:TU) operates in Canada, offering a wide range of telecommunications and IT products and services. 

The company outlined gave guidance 2024, building on its strong performance in 2023. In the second quarter of 2023, TELUS reported significant customer growth in its TTech business segment, with total Mobile and Fixed customer growth reaching 293,000, marking the strongest second quarter on record. 

For 2024, TELUS has set annual targets that include TTech Operating Revenues and Adjusted EBITDA increases of 2 to 4 percent and 5.5 to 7.5 percent, respectively. The company also anticipates Consolidated Capital Expenditures of approximately $2.6 billion and Consolidated Free Cash Flow of approximately $2.3 billion, up roughly 30 percent over 2023. 

The company has received a consensus analyst rating of “Hold” with a consensus price target of $20, indicating a potential upside of 17.03% from its current price. However, I feel that it could be one of those telecom stocks to buy for a long-term hold.

AT&T (T)

AT&T Retail cell phone and mobility store. T stock
Source: Jonathan Weiss /

AT&T (NYSE:T) has shown resilience with a nearly 4% increase in wireless service revenue year-over-year and impressive postpaid phone net additions.

For 2024 and beyond, AT&T’s plans include significant investment in its fiber and 5G networks, with a focus on expanding to under-penetrated small and midsize business segments. The company aims to cover 75% of its network footprint with fiber and 5G by 2025, while halving its legacy copper services footprint.

Also, its focus extends to its media and entertainment divisions, with the company expecting to achieve 120-150 million HBO Max/HBO subscribers by the end of 2025. With a dividend yield of around 6.5% at the time of writing, these factors make it one of those telecom stocks to buy.

Chunghwa Telecom (CHT)

a picture of cell towers during daytime
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Chunghwa Telecom (NYSE:CHT) is the largest telecom provider in China, offering a comprehensive suite of services. 

The brand provided attractive guidance for 2024. The company anticipates revenue to increase by 2.4% to 3.1% over 2023, projecting a range of NT$228.54 billion to NT$230.19 billion. This growth is attributed to an increase in capital expenditure (Capex) by NT$3.04 billion to NT$34.02 billion.

Meanwhile, for the fourth quarter of 2024, Chunghwa Telecom reported a 4% increase in total revenues to NT$61.86 billion, with the Consumer Business Group experiencing a 4.4% increase in total revenue to NT$36.54 billion. For 2023, Chunghwa Telecom’s total revenue saw a 3.0% increase, reaching NT$223.20 billion, driven by expanding core business segments like mobile, ICT, and broadband services. 

CHT stock could tick boxes for investors who want to invest in an emerging market telecom stock, and it’s attractively priced with a P/E ratio of just 25 times earnings.

Altice USA (ATUS)

In this photo illustration the Altice USA (ATUS) logo seen displayed on a smartphone
Source: rafapress /

Altice USA (NYSE:ATUS) is a New York-based telecom company offering television, internet access, and telephone services. 

ATUS is my contrarian pick from these telecom stocks, as the company faced challenges in 2023, reporting a decrease in earnings per share (EPS) to -$0.26 for Q4, missing analysts’ expectations by $0.33. The company’s revenue for the quarter was $2.30 billion, slightly above the consensus estimate of $2.29 billion.

Also, to address its signifcant debt profile, ATUS issued $2.050 billion of senior guaranteed notes due in 2029 and announced plans to redeem its 5.250% senior notes due in 2024. 

I think that a turnaround for ATUS is on the cards due to management’s execution and strategy. The brand is targeting operational improvements and network expansion, with a focus on increasing customer penetration in new areas and improving its broadband network, it’s also in the process of a significant deleveraging, which mans it could be a good pick for investors who can stomach the risk.

Verizon Communications (VZ)

Verizon store sign. VZ stock.
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Verizon Communications (NYSE:VZ) has set optimistic targets for 2024. The company forecasts an adjusted earnings per share range of $4.50 to $4.70 for 2024, surpassing analyst expectations. This positive outlook is supported by a significant increase in wireless subscribers, with net additions exceeding 400,000 in Q4 alone. 

Meanwhile, Verizon has begun generating more cash flow and is actively reducing its debt, which is crucial for its stock to potentially outperform the market in 2024. 

But perhaps the most attractive feature of VZ is its dividend, which is 6.62% at the time of writing. Due to its deleveraging and improvements to FCF, I also don’t see it being cut any time soon, which then makes it one of those telecom stocks to buy.

On the date of publication, Matthew Farley did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the Publishing Guidelines.

Matthew started writing coverage of the financial markets during the crypto boom of 2017 and was also a team member of several fintech startups. He then started writing about Australian and U.S. equities for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and the New Scientist magazine, among others.

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