J.P. Morgan raises Airbnb PT on growing emerging markets

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