Once viewed as one of the most admired companies in America, Minnesota-based Target has been having a rough few years. For the past 28 years, Fortune has published its annual list of “Most Admired Companies.” The rankings are built using surveys from more than 3,000 executives, analysts, and board directors, all weighing in on corporate reputation, leadership, innovation, and long-term investment value. Minnesota's Target Joins a Short but Notable Exit ListSeveral major companies made headlines for falling off the list entirely. So was Target, which ranked number 27 just last year and had appeared on the list every year since 2001. Target still has strong brand recognition and deep Minnesota roots, but the gap between perception and performance is becoming harder to dismiss.