A magnetic target is provided for use with a magnetic proximity switch. The magnetic target includes a cylindrical body tube having an open end that partially defines a bore. A stationary magnet is located within the bore opposite the open end, and a movable magnet is disposed within the bore between the stationary magnet and the open end. An adjusting member is received into the bore, and a contact surface of the adjusting member engages the movable magnet. When the adjusting member is axially displaced, the contact surface causes a corresponding displacement of the movable magnet relative to the stationary magnet, eventually causing the magnetic flux field of each magnet to expand in a radial direction away from the longitudinal axis of each magnet. The stationary magnet and the movable magnet may be either axially-magnetized samarium-cobalt magnets or axially-magnetized neodymium magnets.