NEW YORK (TheStreet) -- Shares of Urban Outfitters Inc  (URBN) are tanking, sharply down 13.41% to $35.26 in pre-market trading Tuesday, after the company announced its first quarter earnings miss late Monday.

This morning, the teen retailer got hit with downgrades from several firms.

Oppenheimer lowered its rating to "market perform" from "outperform" with a $35 price target, citing increased competition and further discounting.

JPMorgan Chase analysts cut their rating to "neutral" from "overweight" with a $36 objective, citing decelrating growth.

Both firms see pressure in the apparel retailer's second quarter.

Additionally, Piper Jaffray downgraded Urban Outfitters to "neutral" from "overweight" with a price target of $36. The firm said the company's management transition could take time to turn the business around.

For the period ended April 30, Urban Outfitters earned $32.8 million, or 25 cents a share.

Revenue increased 7.7% year over year to $739 million.

Analysts polled by Thomson Reuters expected the company to earn 30 cents on revenue of $758 million.

Comparable store sales rose 4%, below the consensus estimate of a 5.2% increase.

Urban Outfitters said its first quarter was was hurt by expenses related to its online business.

Urban Outfitters is a Philadelphia-based lifestyle specialty retail company, operating under the Urban Outfitters, Anthropologie, Free People, Terrain and BHLDN brands known for a range of eclectic merchandise.

The company sells women's and men's fashion apparel, footwear and accessories as well as a mix of apartment wares and gifts.

Insight from TheStreet's Research Team:

Jim Cramer commented on Urban Outfitters in a recent post on RealMoney.com. Here is a snippet of what Cramer had to say about the stock:

Do you trust Urban Outfitters (URBN) management? Or do you not and just say "you don't deserve my trust because you blew it so badly"?

That's where I find myself right now having listened, dumbfounded, to a call that was, with the exception of two weeks in April for one formerly red-hot division, Anthropologie, basically a barnburner.

That's right; if you believe management, up until one month ago this retailer, which had begun to pull away from all of its competitors, was just on fire. Then the roof caved in on Anthropologie, and you can see the results on your screen.

Urban has three divisions that matter: first, Free People; the teen apparel company that's fabulous and doing incredibly well is the smallest of the three. It had a 17% increase in comparable store sales. Downright incredible.

-Jim Cramer, 'Urban Outfitters Should Be Bought on the Dip After the Big Disappointment' originally published 5/19/2015 on RealMoney.com.

Want more information like this from Jim Cramer BEFORE your stock moves? Learn more about RealMoney.com now.

Separately, TheStreet Ratings team rates URBAN OUTFITTERS INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate URBAN OUTFITTERS INC (URBN) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, increase in stock price during the past year and expanding profit margins. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: URBN Ratings Report

URBN ChartURBN data by YCharts

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