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Immanuel is a title that means "God with us". Some people have suggested that since Jesus was named "Jesus", then "Immanuel" does not refer to Him. This is akin to claiming that the titles "King of Kings" and "Lord of Lords" don't apply to Jesus, because He was named "Jesus" and not "King of Kings" or "Lord of Lords".
God the Son, the Second Person of the Trinity, is co-eternal and co-existent with the Father and the Spirit. When God the Son (The Word) entered into His creation, He was given the name Jesus (Yeshua in Hebrew). "Yeshua" means, "The Lord (God) saves" because Jesus (God the Son) was saving His people from their sins. The name Jesus indicates His mission. The title "Immanuel" indicates that He was God "with us" and walked among us.