My store and another target in the area no longer have signs by the road that say Target. The only sign they have is where it says Target on the building.
If you talking about a strip mall sign with list of stores in the area, those cost money to have your name up there. Target probably didn't pay to continue their name up there.
We still have ours. About a year ago our DTL thought the sign needed to be taller than it was but I think corporate shot that idea down. We need a remodel more than we do a sign size change.
In my experience, new regs usually provide a grandfather clause for existing signs that now violate the reg.
So maybe the sign reg change was a while ago and had a date-limited grandfather that's now expired. Or maybe there was a car accident that damaged the sign and it had to be removed for safety. Or maybe it's being upgraded/replaced.