I have the following worksheet change event that will be activated when there
is a change to cell E5.

Private Sub Worksheet_Change(ByVal Target As Excel.Range)
If Target.Count 1 Then Exit Sub
If Target.Column = 5 Then
If Target.Row = 1 Then
Call Macro1
End If
End If
End Sub

I have named cell E5 as "Term". What I would like to do is replace the 2 if
statements above with 1 that reads:

if Target.Range = Range("Term") then ...

However, this does not work and I get an error message that reads "Argument
not optional".

Any ideas on how I can get this to work?

Thanks in advance