I would suggest to go to a local archery shop and try out as many bows as you can and let the bow pick you. There are alot of good shooting bows for target just to many to suggest just one.
I personally have a PSE Phenom, great shooting bow and it won't break the bank.
There is no right or wrong answer to your question. There really isn't a bad bow out there. You need to get off the net and hit a few shops and test shoot everything that interests you. The correct bow will pick you.
You need to shoot as many as you can and choose what's right for you. Really examine what you want the bow to do. You said target shooting and a hunt or two. What kind of target shooting? 3d, dots, ibo, ASA? Also where do you think you'll hunt in a blind or tree stand, etc? All these things are important to consider. Decide what you want from the bow too, do you want blazing speed, smooth draw, feel? It would be hard to recommend a bow without some more information.
I'll tell you what bows i would look at if I was you though:
Elite Energy 35
Hoyt Nitrum 34
Mathews Chill X
I'm sure there are others but the reasons i list these are:
The axel to axel on all these bows are between 34 to 37 inches. While these are not considered long bows like your 40 inch target bows they are still long enough to provide a fair amount of forgiveness and stability.
All the bows have a brace height of at least 6.5 inches. More brave more forgiveness. This depends on draw length.
All the bows ibo over 320 fps. This is plenty fast enough for hunting and tournaments.
You could add a couple others Like a PSE dominator 3d max or bowtech fanatic. I personally would not want to hunt with a shot thru riser though.
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