Research In Motion (RIMM) shares are higher heading into the company’s announcement tomorrow afternoon of earnings for its fiscal fourth quarter ended February. The Street is looking for $1.85 billion in revenue and EPS of 70 cents. Also keep an eye on the outlook: the consensus for the May quarter is $2.01 billion and 75 cents. For FY 2009, the Street sees $9.23 billion and $3.48, which would be up from a forecast $5.98 billion and $2.24 for FY ‘08.

Late yesterday, Canaccord Adams analyst Peter Misek raised his estimates on the company. He writes that channel checks in North America and Europe lead him to believe that “results will be on the higher end to above guidance and Q1 is tracking ahead of consensus.” Misek says he is “hearing more chatter around a possible clamshell device, touch screen device and the much anticipated 3G handset,” and that “the impact of the aforementioned product launches, particularly the 3G device, is being underestimated” by the Street.

For Q4, he remains at $1.89 billion and 72 cents. For FY ‘09, he goes to $9.87 billion and $3.89, from $9.34 billion and $3.60. For FY 2010, he goes to $13.68 billion and $5.66, from $12.36 billion and $5. Misek maintains a Buy rating and $150 price target on the stock.

Nomura’s Richard Windsor is far more cautious; this morning he repeated his Sell rating on the stock. He thinks there is considerable downside risk in the shares if the Street is not impressed with the company’s outlook. “All around the industry, companies are catching cold as the economic slowdown impacts the high end of the market in both North America and Europe,” Windsor writes. “RIM’s target market remains less than 5% penetrated but net-adds are only half the story.

This quarter RIM will derive 50% of its shipments from replacements and it is here where we see risk to expectations. Given the high valuation we think that any cautious commentary will result in a sharp correction. The rest of the industry is already reflecting this outlook and remains a far safer place to invest in our view.” Windsor’s price target: $68.

Today, however, belongs to Misek’s camp. RIMM is up $2.62, or 2.3%, to $114.85.