What does the target instance mean?

What is the Target instance? I am a bit confused :crying:
Is it an ‘[COLOR=#0000ff]Parameter’ [/COLOR]?[COLOR=#0000ff]

[/COLOR]In this Piece of code , what is the purpose of [COLOR=#ff0000]event.target ? [/COLOR]what does it do?
[COLOR=#0000ff]
[/COLOR]addEventListener(MouseEvent.MOUSE_OVER , hover);
function hover(event:MouseEvent):void

{
event.target.alpha = .4;
trace("Now over " + event.target.name);
}

addEventListener(MouseEvent.MOUSE_OUT , normal);
function normal(event:MouseEvent):void

{
event.target.apha = 1;
trace("Now Off " + event.target.name);
}
[COLOR=#0000ff]
[/COLOR]Please Help! Thank you :slight_smile:
-Akash