Well, yes. You've got to take into consideration, just because it's from the future and has superior firepower does not make it invincible. There are limitations to the ship itself, such as repair of damage. Unless your engineer knows how to make a needed part, s/he won't know how to replace something that gets destroyed/damaged. Also, they used brains to defeat the ship, not brawn. You can have the most powerful ship in the universe but if someone outsmarts you, you're defeated.
Furthermore Nero's vessel is a mining ship not a war ship
It is enhanced with Borg tech, it would be like the 24th century Borg sphere against the original Enterprise.
In the background information of the movie, there was and in-universe explanation. The escape pods from the USS Kelvin contained the records of the ship's scans of the encounter. Because of these retrieved records, the technology of the Federation was advanced several times beyond what it was. Because of this, the the alternate USS E'nterprise can be considered more of a challenge to the Narada than the original.