After the "Target Locked" update whenever I enter the research tech tree there is massive amounts of flickering going on throughout the screen, making the research UI almost impossible to see. In addition to this, the flickering also occurs with the lights located on ships that I see both in the menu screens and in the battle cinematics. This did not occur until after the the update, and changing the resolution, V-sync, graphical detail, and framerate has not fixed this. 

After going back and going through the game again, I noticed that it's not just the research tree and ship lights that are flickering, but the entire UI flickers. Also, changing the size and settings of the galaxy generated does nothing to fix this. 

I had the same issue on my iMac. Add "-compat" to your Load Options in Steam.