Hi @Charles_Applegate. Thanks for asking this, it's quite a frequently asked question!
I'd always recommend putting targets into the term you're expecting children to have achieved them by (so Summer2, usually). Sometimes schools set a target for each term, but it doesn't sound like that's what you're doing.
A key advantage of doing it this way is that if you use a linear model of assessment, your targets would then be coloured red/amber/green/blue according to the expectations for the end of the year, which would be different to the expectations in Autumn1 for example. Less of an issue if you're using a point-in-time style of assessment!
When you're comparing ongoing results to the end of year target, you can essentially measure the 'progress' between any prior attainment point and the summer target. If you need any help with that side of things, or if any of the above doesn't make sense, do get in touch.