Target lesions are seen in ultrasound images of the liver or spleen as nodules or masses with a hypoechoic rim and a hyperechoic or isoechoic center. To assess the diagnostic significance of finding a target lesion, the cytologic and/or histopathologic findings were reviewed in a series of 21 dogs and a cat that had hepatic and/or splenic target lesions noted during abdominal ultrasonography. Twelve of 16 hepatic target lesions and 5 of 7 splenic target lesions were malignant. In this series, the finding of one or more target lesions in the liver or spleen had a positive predictive value for malignancy of 74%; for the finding of multiple target lesions in one organ, the positive predictive value for malignancy was 81%. Benign lesions associated with target lesions were nodular hyperplasia of the liver and spleen, pyogranulomatous hepatitis, cirrhosis, and chronic active hepatitis.