As explained here: http://www.labs64.com/blog/2012/06/set-environment-variables-in-windows-shortcut/
you can do it without a bat file too.
Set Target to e.g.:
C:\Windows\System32\cmd.exe /c "SET path=%path%&& START /D ^"C:\Program Files (x86)\Notepad++^" notepad++.exe"
To avoid see the command prompt for a split second before it close again, you should set
Run: Minimized
on the Shortcut tab
(Tested on Windows 7, Windows 10)