UPDATE 2-RiskMetrics backs Ackman, Donald for Target board

* Target says "very disappointed" with RiskMetrics' view

* Glass Lewis recommends all 4 Target incumbent nominees. (Recasts; adds Target, lawyer comment, byline)

By Nicole Maestri

SAN FRANCISCO May 19 (Reuters) - RiskMetrics, a leading shareholder advisory group, gave a boost to William Ackman's proxy fight with Target Corp (TGT.N) on Tuesday, recommending shareholders elect the activist investor and fellow dissident nominee James Donald to the retailer's board.

RiskMetrics said Target's board "would benefit from new blood with the specific skill sets and incentives" to ensure the company can quickly capitalize on future opportunities.

"I think that's a terrific result for Ackman," said Keith Gottfried, who specializes in shareholder activism as a partner with law firm Blank Rome, of the RiskMetrics opinion.

Target said it was "very disappointed" with the RiskMetrics opinion and instead pointed to a report from proxy advisory firm Glass Lewis & Co, which recommended that shareholders vote for all four of its incumbent nominees.

"We believe that RiskMetrics reached the wrong conclusion," said Target Chairman Gregg Steinhafel in a statement. "We urge Target shareholders not to cast their votes solely on the basis of RiskMetrics' report and to undertake their own analysis."

Target's annual meeting will be held on May 28, and large, institutional investors often use reports by proxy advisory firms to determine how they will vote in contested elections.