An underrated kid has a chance against a 2700 if and only if that underrated kid is a FIDE Master.
(unless the 2700 is forced to listen to Justin Beeber, of course)
I guess the kid is chanceless 9999 times of 10000. A underrated 1300 kid plays at maybe 1900 in his best games, and that strenght might be enough the day the 2700 blunders very bad. Every chessplayers know that the opponents blunder is his chance, and chances happens, even the top 40 can have a bad minute. Usually the 2700s can recover from their blunders, and usually they are standing so well on the board that the blunders doesnt ruin everything. Usually, but not necessarily always.
Are the 1300 good enough to see and punish the blunders? I think the 1300s I have met are good enough.
No.