“Who are you going to believe?”
~ Lion Eyes
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As has been mentioned elsewhere, a target, strictly speaking, is someone who you are just about ready to indict. So Trump not being a target, today, is not reason to think that he will be untouched by the investigation. A subject of an investigation is a different story, but I have not seen a clear distinction in reporting on this particular communication.
Also, if a prosecutor thinks that the course of action most likely to provide a successful outcome is to tell a target that he is not a target, then that prosecutor is not ethically prevented from doing so. I.e., Rosenstein may be lying to Trump, without breaking any rules.