The tablet market is headed for trouble.

That’s the assessment of one Wall Street analyst who sees all the signs of a bubble: a rush to build, a flooded market, lackluster demand and an ultimate crash in prices.

JPMorgan analyst Mark Moskowitz sees a rising “risk of a bubble burst” this year following the huge success of Apple’s iPad, which sold about 15 million devices last year.

“In our view, the technical and [design] improvements of the iPad 2 stand to make it tougher for the first generation of competitive offerings to play catch-up, meaning actual shipments could fall well short of plans,” Moskowitz wrote in a note to clients yesterday.

So far, Apple is running laps around the competition, with the launch of its second-generation iPad before many of its rivals release their first. The iPad 2 goes on sale tomorrow, and so far only a smattering of rivals have hit the market, including Motorola’s Xoom and its Android software.

About 100 different tablets from a number of manufacturers are expected to roll out through the end of June, and all of them are having a hard time competing with Apple on pricing and performance.

Moskowitz expects manufacturers to build 65 million tablets this year but to ship only 48 million — a 35-percent oversupply, “which is not good,” he wrote.