I would take this with a grain of salt if you are looked at as an important employee amongst your leadership, the people who are actually questioning Target's decision at the moment, are more than likely the smartest people in your store, have a lot of experience (and the ones with all of these qualities, as well as hardworking, will be safe). If you carry all of these traits, and are laid off anyway, count your blessings and apply elsewhere (I am sure you can find someone in leadership to give you a secret job reference).
I see this more of District/Region/Corp, giving leadership an easy excuse to get rid of dead weight.
Why Target would act this way, right before Q4, to lower morale, even lower. who the fuck knows. lol.