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:

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