A wild stab in the dark for modifying a single value:
sed -c -i "s/($TARGET_KEY *= *).*/1$REPLACEMENT_VALUE/" $CONFIG_FILE
assuming that the target key and replacement value don't contain any special regex characters, and that your key-value separator is "=". Note, the -c option is system dependent and you may need to omit it for sed to execute.
For other tips on how to do similar replacements (e.g., when the REPLACEMENT_VALUE has '/' characters in it), there are some great examples here.
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