Original Wording

Nobody Rides This Hog but the Main Man: Lobo can’t carry characters.

Bounty Hunter: Before the beginning of the first turn of the game, choose an opposing character; Lobo modifies his attack value by +2 when attacking that character. When that character is KOd or eliminated, immediately choose a different opposing character to be the target of this ability.

Errata

Nobody Rides This Hog but the Main Man: Lobo can’t carry characters. This power can't be canceled.

Bounty Hunter: Before the beginning of the first turn of the game, choose an opposing character; Lobo modifies his attack value by +2 when attacking that character. When that character is KOd or eliminated, immediately choose a different opposing character to be the target of this ability.

Why does Nobody Rides This Hog... have a line about being canceled?
Long story. Originalyl it didn't have that line (which is why you don't see it on the character card, if you've got one handy), but it needed to be added to keep the power working the way it was meant to work. Now canceling powers is no longer a part of the game, so it isn't needed any more and can be removed.

If my opponent counters Bounty Hunter with Outwit, what happens when I get Bounty Hunter back?
Once you are able to use Bounty Hunter again, you can select a new target. You can either choose the target you had selected previously, if you wish, or you can choose a brand new target. Your choice.