It is earnings season, and this week will mark the floodgates opening as far as the number of key companies reporting earnings. AT&T Inc. (NYSE: T) reports on Tuesday morning and Verizon Communications Inc. (NYSE: VZ) reports on Thursday morning. 24/7 Wall St. has created previews for each to see how traders and investors should be positioning themselves ahead of the report.

As a reminder, Verizon’s numbers will look very different compared to reports from 2013 and before because it has closed its acquisitions of the rest of Verizon Wireless from Vodafone Group PLC (NASDAQ: VOD).

AT&T’s consensus estimates are $0.70 earnings per share (EPS) and $32.41 billion in revenue. A year ago it posted $0.64 EPS. Trading at $36.01, it has a 52-week range of $31.74 to $39.00, and AT&T has been getting more interest of late with shares rising handily from the lows in the dividend yield hunt. Be advised that shares have rallied above the analyst consensus, as its consensus price target is $35.58. AT&T also yields 5.1%, but that yield was much better for those who got in while the stock was unloved.

Verizon’s estimates are $0.86 EPS and $30.7 billion in revenue. Verizon’s EPS figure was $0.68 a year ago. Trading at $47.88, it has a 52-week range is $45.08 to $54.31, and the consensus price target is $53.96. Verizon yields 4.5%.

On other valuation metrics, AT&T trades at 13.3 times expected 2014 earnings per share. Verizon trades at 13.6 times the same multiple. It was only a few weeks ago that AT&T was closer to 12 times earnings and Verizon was steady.

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24/7 Wall St. wanted to look at outside research as well. Canaccord Genuity analyst Greg Miller has issued statements on both companies ahead of earnings this week. He said on AT&T:

 We continue to believe the wireline business remains challenged while wireless competition — and the company’s response to it — will limit wireless service revenue growth. … We expect competitive pressure to continue to negatively impact postpaid subscriber additions. Service revenue growth will be further pressured by more rapid uptake of Next, increasing the mix of discounted plans in the subscriber base.

He said on Verizon:

We continue to favor Verizon among the major US carriers. Despite persistent fears of a price war in wireless, Verizon has proven its ability to grow and retain its subscriber base due to its high-quality network and reasonable responses to competitors’ aggressive plan changes. … In addition, wireline could become a tailwind later this year as declining businesses become smaller contributors, providing less drag. With the VOD deal completed, we also expect an updated strategy for 2014 and beyond.

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