** J.P. Morgan raises price target on vacation rental platform Airbnb ABNB.O to $120 from $115; rating unchanged at "neutral"

** Shares down 4.5% at $118 premarket

** Says co's emerging markets are growing twice as fast as the core business

** Brokerage says it is encouraged by co reiterating 2025 adj EBITDA margin forecast amidst macro uncertainty

** "ABNB spent a few years rebuilding its app on a new tech stack to support entirely new offerings and expressing its desire to move beyond the core," says brokerage

** Sixteen of 46 brokerages rate the stock "buy" or higher, 25 "hold" and 5 "sell"; their median PT is $143.06 - LSEG data

** As of last close, stock had fallen 5.6% YTD

(Reporting by Apratim Sarkar)

((Apratim.Sarkar@thomsonreuters.com))