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Bill Ackman is getting some support in his effort to win some Target Corp. (TGT) board seats, though the activist hedge-fund manager's ambitious wish of getting five seats appears more unlikely.

Ackman, founder of Pershing Square Capital Management, is asking shareholders to elect five directors to the retailer's board. Two proxy-voting advisory firms have made their decision in Ackman's battle with the retailer. Proxy Governance Inc. supports just two of Ackman's nominees and Egan-Jones supports none of Ackman's nominees, even while withholding its votes for two of Target's incumbents.

But corporate governance experts say the big event will occur next week when RiskMetrics renders its decision. RiskMetrics, expected to announce its recommendation by Tuesday, typically advises more than 20% of shareholders, while Proxy Governance and Egan-Jones combined advise less than 10%. Many shareholders pay these firms to advise on voting decisions, and in this case, no definitive consensus has been reached.

"I think you call these two endorsements tepid at best," said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. "The real question will be answered by RiskMetrics."

Elson said the fact that Egan-Jones withheld its votes for two Target nominees is "very different" from endorsing people from Ackman's slate.

In fact, Egan-Jones said its only reason for withholding those votes was because the two directors in question aren't "independent outside directors."

Egan-Jones said in its report that Ackman "has provided no convincing strategic plan that would lead to improvement in long-term shareholder value."

Ackman, whose Pershing Square owns 7.8% of Target through stocks and options, was not immediately available for comment. He has lobbied for many changes at Target, including a transaction to capitalize on its real estate, and reducing its credit-card exposure.

In a press release Thursday night, Ackman said, "The recommendations by these two proxy advisory firms underscore our view that Target's board is in urgent need of fresh perspectives."

Lawrence Hamermesh, a corporate law and governance professor at Widener University, said it's telling that neither advisory firm voted for Ackman himself to join Target's board. The two Ackman nominees recommended by Proxy Governance were former Starbucks Corp. (SBUX) Chief Executive Jim Donald and real-estate industry veteran Michael Ashner.

Anecdotally, Hamermesh said RiskMetrics has gone against its competitors in many proxy fights, but statistics about how often weren't immediately available.

Even if Ackman fails to win any board seats, Hamermesh said he wouldn't be surprised if the board made some "accommodations," considering such a large shareholder still has qualms with the company.

"Nobody likes to have this kind of fight go on forever," Hamermesh said.

-By Joseph Checkler; Dow Jones Newswires; 201-938-4297; joseph.checkler@dowjones.com