TARGET CORP — Director's Dealing 2004

Sep 14, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2004-09-13

Reporting Person: STEINHAFEL GREGG W (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-09-13	Common Stock, $.0833 per share	M	37780	$9.3438	Acquired	192296	Direct
2004-09-13	Common Stock, $.0833 per share	S	37780	$46.332	Disposed	154516	Direct
2004-09-13	Common Stock, $.0833 per share	M	62220	$17.2969	Acquired	216736	Direct
2004-09-13	Common Stock, $.0833 per share	S	62220	$46.332	Disposed	154516	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-13	Stock Option	$9.3438	M	37780	Disposed	2007-01-08	Common Stock (37780)	Direct
2004-09-13	Stock Option	$17.2969	M	50588	Disposed	2008-01-14	Common Stock (50588)	Direct
2004-09-13	Stock Option	$17.2969	M	11632	Disposed	2008-01-14	Common Stock (11632)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	58777.186	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.