My understanding of this is that each Merchant, individually, will determine if they will accept an EMV card as a legacy Mag-Stripe slide transaction.
Target has converted over their stores to EMV capable so I believe if they sense an EMV capable card in the slide Mag-Stripe reader then indeed will redirect to the EMV slot.
In our area Walmart and Kroger also detect CHIP cards if they are swiped and direct the customer to insert the card instead. Other stores have CHIP machines with tape over the slots indicating that although they have the EMV capable machines they are not yet functioning.