"While we continue to see value in Twitter as a platform significantly beyond its current $12 [billion] market value given its scale and user profile, the continuing management instability is likely to further delay the development of the technology and product that Twitter needs to drive user growth, engagement, and monetization," Terry wrote.
Dorsey himself has been adapting to the demands of leading two public companies — he also head of financial services firm Square. Though Dorsey is one of Twitter's founders, a less-than-full-time CEO may not be the ideal solution given its challenges, said RBC Capital Markets analyst Mark Mahaney.
Ad-funded Twitter still lags behind Facebook when it comes to monetizing users, generating $1.60 per monthly active user, compared with $2.83 for Facebook, Mahaney said in a Jan. 10 earnings preview note.
It all comes while the stock market has trashed technology stocks that show any sign of tarnish, with companies like LinkedIn seeing a 46 percent stock plunge over the past week despite beating on the bottom line in its latest earnings release.
Though Twitter is a platform promising to tell users' stories in real time, Kessler said he's hoping to hear more of a long-term story when it comes to the company's strategy.
"I would imagine they are going to talk about the success of Super Bowl Sunday," Kessler said. "But they need to be more than tent-pole events that cause people to go to the platform a handful of times a year."
Watch: The COO of Twitter, Adam Bain, will appear on CNBC's "Squawk on the Street" Thursday at 10 a.m. ET.