I’m not sure if this was reported already but it’s an issue that I’ve seen in the previous versions too. When I enable “Targeted” in plane/disc Vray lights, the target doesn’t appear until i start moving the light and when it appears it appears in the origin point of the scene, thus changing the original orientation of the light, making it impossible to revert back the orientation even if I do CTRL+Z.
Hm… I just checked this and it doesn’t seem to happen here with standard Max cameras and standard Max lights like Free Direct and Free Spot. I’m using Max 2018.4.