Yes, according to the policy you can return clearance items to Target. The only thing not allowed at Target is if there is a price drop on clearance items, having the price go lower you won't be able to get the difference, but aside from that you are able to return clearance items to Target.

What items Cannot be returned to Target?

Items that are opened or damaged or do not have a receipt may be denied a refund or exchange. Visit here for information on return exceptions. Most unopened items sold by a Target Plus Partner in new condition and returned within 90 days will receive a refund.

What is not returnable at Target?

What is this? If the clothes are unused and unworn, you can return them if you can verify the purchase either through the original receipt or the original mode of payment. However, if the clothes do show signs of obvious wear, stains, or any damage, then the Target manager can refuse the refund or exchange.