The detection, localization, and characterization of a collectionof targets embedded in a medium is an important problem inmultistatic wave imaging. The responses between each pair ofsource and receiver are collected and assembled in the form of aresponse matrix, known as the multi-static response matrix. Whenthe data are corrupted by measurement or instrument noise, thestructure of the response matrix is studied by using random matrixtheory. It is shown how the targets can be efficiently detected,localized and characterized. Both the case of a collection ofpoint reflectors in which the singular vectors have all the sameform and the case of small-volume electromagnetic inclusions inwhich the singular vectors may have different forms depending ontheir magnetic or dielectric type are addressed.