Could Twitter be another BlackBerry?

Are tech stocks too hot right now?

As Twitter gears up for its much-anticipated initial public offering (IPO) on Thursday, one analyst told CNBC the social networking giant risks a similar path to troubled smartphone maker BlackBerry.

Twitter's public listing has attracted a great deal of attention from investors, who hope the popular micro-blogging site could follow other recent tech success stories like Google and Facebook. However, many analysts are dubious as to how lucrative investing in Twitter shares will be.

A recent AP-CNBC poll showed that over half of the investors polled said Twitter would not be a good investment.

(Read more: Cramer's issues warning about the Twitter IPO)

"With Twitter, it could be another Palm [U.S. smartphone manufacturer] or BlackBerry where it has a couple years of phenomenal growth, big profits but then a new technology comes along and it has no staying power," Jay Ritter, professor of finance at the University of Florida, who consulted on the Google IPO in 2004, told CNBC Asia's Squawk Box Wednesday.

"Even companies in a winner-take-all market aren't guaranteed success-an alternative technology could come along which results in a market collapsing," he added, also referencing U.S. global courier delivery services company Federal Express, which dominated the overnight letter delivery market until e-mail attachments drastically shrunk its business.

Is Twitter a risky investment?

"Both Palm with the Palm Pilot and Research-in-Motion with the BlackBerry once dominated a niche, but the niche changed," he added.

Canadian-headquartered technology firm BlackBerry enjoyed huge success with its BlackBerry smartphone when it was launched in 2003, and is considered by many as the pioneering product in the sector.

But the company has fallen from grace in recent years as rivals Apple and Samsung encroached on market share. In recent times the firm's demise has become more acute and this week it announced that it had been unable to secure a deal to go private and instead had raised $1 billion in fresh financing.

(Read more: Bye, bye, BlackBerry)

Ritter said the threat of competition from rival firms or more innovative technology developments was a major risk involved with investing in technology IPOs, like Twitter.

"Microsoft and Apple have demonstrated an ability to make big profits for many, many years but they are more the exception to the rule," he added.

Ritter said a key concern he has with Twitter is that a lot of the optimism investors have about the firm is already priced into its valuation, he said, as opposed to how Facebook and Google were perceived at the time when no-one really understood how profitable targeted advertising could be.

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"Because Google has demonstrated how profitable targeted advertising can be - people are willing to pay a much higher valuation [for Twitter]. But at the higher valuation... there's a lot of optimism built into the price and that limits the upside potential for investors," he said.

On Monday Twitter raised the range in which it would price its offering to $23 to $25 a share, from a previously disclosed range of $17 to $20. At the upper end of the new range, Twitter would raise as much as $1.75 billion and be valued as high as $13.6 billion.

"With Twitter there's a lot more uncertainty than there was with and is with Facebook," said Ritter, referring to how Facebook was already generating profits when it went public in May last year.

(Read more: Market getting bubbly? #TwitterIPO won't be a reason why)

"Twitter is yet to achieve profit so there is a possibility it can flame out without ever turning a corner or becoming profitable," he added.

However, despite the naysayers, many analysts are excited about Twitter's potential growth, given its growing user base, its potential for international growth and talk of the firm's partnerships with content creators in media and entertainment.

"What Twitter is selling essentially is a new type of advertising platform, scalable across desktop and mobile," said Brian Solis, principal analyst at Altimeter Group, a San Mateo, Calif.-research group told CNBC.

—By CNBC's Katie Holliday: Follow her on Twitter @hollidaykatie