the Camera command (keyboard shortcut F6) will let you Show/Hide the camera in your viewports
Note: The target will not stay in the exact location, it will stay in the same plane perpendicular to the camera, however it's position on that plane will change depending where the cursor is located during the zoom
MMW
CTRL + RMB
Rhino V4
Lens Zoom - Camera and target stationary, lens changed to zoom Alt + Shift + Ctrl + RMB