Which part, if any, of Dragon's Rage targets (i.e., is subject to deflect cost)?

Ruling: Both parts of Dragon's Rage target. The first part targets a unit and battlefield so you pay deflect, and the reflexive trigger targets another unit so you pay another deflect (assuming both have deflect).

Sequence:

• First part targets unit and battlefield (deflect applies)
• Reflexive trigger targets another unit (deflect applies again)