What does the cryptic crossword clue "Absurd target given to a sporting event (7)" mean?

The definition is "sporting event". The wordplay uses an anagram. anagram of TARGET + A = REGATTA; definition: "sporting event" The answer is REGATTA.

Absurd target given to a sporting event (7)

Daily Mail Cryptic #16547 | 9 Across | 2021-04-05 flower

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