If a company has not achieved the target for 2 months consecutively, does it mean the company in Red?

If your company has not achieved its target it does not mean it is in the red. The market takes time to respond and also a target that is set can have many different approaches and the single standard approach that was initially planned out. Therefore, there is enough time for a company to amend its strategies to match up the ever changing dynamic markets to meet its targets and earn its revenues.Hence, its not necessary that a firm would be "in the red" if it faces such a situation.  

Not yet, possibly it's off season, behind schedule in new product or a project.

3 consecutive months minimum to judge.