A brand that alters their target audience for the sake of "rejuvenating the brand" sacrifices their brand identity and values - not to mention their integrity. 

Revamping a brand and recruiting new customers should not mean shifting core values. 

It also shows a lack of understanding of consumers. Assuming that everyone within a specific age category holds the same interests and opinions is a sweeping generalisation. 

Brands obsessed with targeting millennials are blinded by the regenerative connotations of youth. The truth is anyone can develop brand affinity at any point in their life. 

If a brand is tired, instead of desperately searching for a fountain of youth to rejuvenate itself, it should seek creative re-branding alternatives that match up and appeal to its core consumers.