Of course it does depend on context. But to me, targeting means zeroing in on an object or a specific place on the object. We often use a "target," usually a small-ish flat object like a plastic yougurt lid, or also a hand, or a bite sleeve, or whatever, to teach the dog to target - focus in on a small place. It's usually followed by some learned behavior, like a nose touch, hand touch, bite, etc.
So in service dog training, when we teach, for example, the dogs to push the lightswitch with their nose, it's really two separate behaviors: target the lightswitch (find it, go to it), and then push it. When we teach retrieve, a very important step is teaching the dogs how to deliver the item, how to target our hands and put it there. So again, that's two steps: target (find) my hand, and put the object into it.