I am not sure how to tell you exactly how to do this without knowing precisely how the submitted data is formatted. If it was in fact 'target=(whatever)' parenthesis included, it would be easy.
eregi_replace("target=(.+)","target='_blank'", $data);
Where $data is the submitted data. I will not swear that "target=(.+)" is the proper expression without testing it, but that's the gist of it.
Hopefully this will at least point you in the right direction