We put forward the notion of targeted malleability: given a homomorphic encryption scheme, in various scenarios we would like to restrict the homomorphic computations one can perform on encrypted data. We introduce a precise framework, generalizing the foundational notion of non-malleability introduced by Dolev, Dwork, and Naor (SICOMP '00), ensuring that the malleability of a scheme is targeted only at a specific set of "allowable" functions.