This target uses The Polar Grid tool to make the concentric rings. Add the arrow and you have hit the bulls eye.
Select the Polar Grid tool (nested with the line tool). Click on the artboard to open the Polar Grid options. Set the number of Concentric Dividers to 4, radial dividers at 0. Click on both boxes to Create a compound path and fill the grid.
Fill the target with red. The Compound path feature will allow the circles to fill every other set of circles.
Create a circle the same size as the target. Choose the Ellipse Tool and click on the artboard to open the options. Set the size to the same size as the target.
Fill the circle with white, add a 4pt stroke.
Open the Stroke Panel and set the stroke to be on the inside of the circle.
Select the circle and chose Effects>Distort & Transform> Transform. Set the move to .25mm on both the horizontal and vertical settings. Set the number of copies to 25. Click OK.
Move the circle behind the target to create a dimensional look.
Draw a rectangle.
Use the Direct Selection Tool to select the left edge and pull the Corner Widgets in to round the end. Create a duplicate the shape for later.
Apply a gradient from the Swatches Panel. Open the gradient panel and set the angle to -90° to get the gradient to go from light at the top to dark at the bottom.
Create a rectangle.
Use the Direct Selection Tool to select the top edge and move it to the left.
Use the Direct Selection Tool to select the upper left corner and pull in the corner widget.
Duplicate and flip the shape and move the fins to the arrow.
Select the lower fin and click on the Draw Inside Mode at the bottom of the Tool Bar.
Draw a rectangle in the shape. Fill it with 40% gray. Set the blend mode to Multiply in the Opacity Panel. Click on the Draw Normal mode.
Select all the shapes and group them together.
Rotate the arrow and place it on the target.
Use the duplicate rectangle to create a shadow from the arrow. Fill it with 40% gray. Set the blend mode to Multiply in the Opacity Panel. Done!