Someone should take a photo of the bike on the shelf for $39 and tell the location of the store.
Most likely if another store has them not marked down, you can show the picture and tell the store number and I'd bet they'd honor the price from the other store.
From my experience with retail chains, markdowns are usually retailer-wide or at the very least, region specific. There are exceptions to this rule, Whole Foods, for example, but I'd guess Target to be more like standard big box stores. Usually, all stores will receive a memo to mark the item down/clearance the item, if the manager misses that communication, no markdown takes place and 3 months later when the batch comes in the manger throws a fit because he doesn't have room for the new assortment, complains about it, and then gets a memo from corp that the bike should have clearanced months ago and thats why he still has stock.