Hi, I'm a Target employee!
As-Is 99.9% of the time are items that have been in the backroom for a while that are decode or they're not in our system anymore and they want to sell. My price change team, on items that don't show a last known price, will make up prices and then the system cuts off a huge portion of the original price.
For example, we had some giveaway demos of some RTS, but they had no idea what it was, so they put as is and the original price at $19.99, then the sticker printed it out as 4.98.
They've also As is sticker returns on items our store doesn't carry along with online items we don't carry, all depends who the pricechange person is if they use the as is or online item option.