TARGET CORP — Director's Dealing 2004

Oct 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2004-10-05

Reporting Person: BLACKWELL TODD (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-05	Common Stock, $.0833 per share	M	18300	$26.3438	Acquired	18300	Direct
2004-10-05	Common Stock, $.0833 per share	S	18300	$47	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-10-05	Stock Option	$26.3438	M	4065	Disposed	2009-01-13	Common Stock (4065)	Direct
2004-10-05	Stock Option	$26.3438	M	7117	Disposed	2009-01-13	Common Stock (7117)	Direct
2004-10-05	Stock Option	$26.3438	M	7118	Disposed	2009-01-13	Common Stock (7118)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	6956.437	Indirect

Footnotes

F1: Shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of January 31, 2004, subject to adjustments.

F2: Option granted under the Target Corporation Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.