Target is really a success story in brand recognition and consumer awareness. According to one study I read, the Bullseye design is one of the most recognizable logos by Americans, with a very large majority of those surveyed being able to accurately replicate it when asked to draw "the Target logo", second only to Apple. Most consumers will know that it's Target without the word "Target" actually being anywhere on the building's facade; the Bullseye is sufficient because they already know what it means.
41% of people surveyed drew the Bullseye design without the Target wordmark, and another 25% drew both the Bullseye design and the Target wordmark. (The Target portion of the study was the least accurate, IMO, because they gave more points to those who included the Target wordmark in the logo than those who just drew the Bullseye even though virtually all marking by corporate has excluded the Target wordmark since like 2014)