Source enumeration typically relies on subspace-based techniques that require accurate separation of signal and noise subspaces. However, prior works do not address coherent sources in small uniform linear arrays, where ambiguities arise in the spatial spectrum. We address this by decomposing the forward-backward smoothed covariance matrix into a sum of a rank-constrained Toeplitz matrix and a diagonal matrix with non-negative entries representing the signal and noise subspace, respectively. We solve the resulting non-convex optimization problem by proposing Toeplitz approach for rank-based target estimation (TARgEt) that employs the alternating direction method of multipliers. Numerical results on both synthetic and real-world datasets demonstrate the effectiveness and robustness of TARgEt over a recent subspace matching method and a related covariance matrix reconstruction approach.