Its a good bike, but BE SURE if you buy it to get it professionally assembled at your local bike shop. The biggest difference between a Target bike and a bike from your local bike shop is the assembly. You may pay $40-50 for assembly but its well worth it and the bike will be built properly and most importantly, SAFELY.
On the bike size, generic Walmart bikes are typically around a 17" frame it seems. 26" is the size of the wheels, which these knowledgable people at Target seem to think is also the frame size.