TARGET CORP — Director's Dealing 2003

Aug 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2003-08-28

Reporting Person: SCOVANNER DOUGLAS A (executive officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-28	common stock, $.0833 per share	M	26500	$9.3438	Acquired	102624	Direct
2003-08-28	common stock, $.0833 per share	S	26500	$40	Disposed	76124	Direct
2003-08-28	common stock, $.0833 per share	M	10500	$9.3438	Acquired	86624	Direct
2003-08-28	common stock, $.0833 per share	S	10500	$40.01	Disposed	76124	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-28	Stock Option	$9.3438	M	37000	Disposed	2007-01-08	Common Stock (37000)	Direct

Footnotes

F1: Mr. Scovanner also holds 3,432.243 shares in the Target Corporation 401(k) Plan (the "401(k) Plan") as of February 1, 2003, subject to adjustments.

F2: Mr. Scovanner also indirectly holds 3,000 shares in a trust of which he is trustee.

F3: Option granted under the Target Corporation Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.