J.P. Morgan on Kindle Fire: Meh.

Amazon won’t be getting any accolades for its new Fire tablet from J.P. Morgan analyst Mark Moskowitz. Despite widespread enthusiasm for the device on Wall Street, Moskowitz is decidedly unimpressed. In his view, the Fire isn’t going to suddenly transform Amazon into the No. 2 tablet maker behind Apple, despite its disruptive pricing.

“We are not impressed with Kindle Fire,” Moskowitz said in a research note to clients. “In our view, [it] is a stepping stone, at best, into the tablet market. We think that for any vendor to wrestle momentum from Apple, a fully-loaded offering is a must, and here, Kindle Fire falls short for now.”

In other words, raised on the iPad, the market has come to expect the feature-rich experience it offers. For a potential rival to offer it anything less is to let it down — even at that friendly $199 price point — which, by the way, is indicative of just how low-frills the Fire is.

Moskowitz again: “In our view, Kindle Fire’s low price point speaks to how there is much lacking in the device. At $199, we argue that the price point is not going to afford most users a tablet-experience, which is a problem if Amazon wants to become a major tablet vendor.”

Of course, the Fire is Amazon’s first take on the device and allegedly a bit of a rush job. There will undoubtedly be a second. Question is, will it be a souped-up 10-inch tablet intended to go head to head with the iPad, or will its design hew to that of the current Fire and be consistent with the second approach to the tablet market that Amazon CEO Jeff Bezos discussed earlier this week.