lantern vs bull's-eye

lantern and bull's-eye both are nouns.

Word	Noun	Adjective	Verb	Adverb
lantern	Yes	No	No	No
bull's-eye	Yes	No	No	No

As nouns, bull's-eye is a hyponym of lantern; that is, bull's-eye is a word with a more specific, narrower meaning than lantern:

lantern: light in a transparent protective case
bull's-eye: a lantern with a single opening and a sliding panel that can be closed to conceal the light

Other hyponyms of lantern include Chinese lantern, dark lantern, jack-o'-lantern.

lantern (noun)	bull's-eye (noun)
light in a transparent protective case	a lantern with a single opening and a sliding panel that can be closed to conceal the light