TARGET CORP — Director's Dealing 2004

Jun 17, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2004-06-16

Reporting Person: STORCH GERALD L (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-16	Common Stock, $.0833 per share	M	60536	$9.3438	Acquired	123334	Direct
2004-06-16	Common Stock, $.0833 per share	S	60536	$46.1281	Disposed	62798	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-06-16	Stock Option	$9.3438	M	20402	Disposed	2007-01-08	Common Stock (20402)	Direct
2004-06-16	Stock Option	$9.3438	M	40134	Disposed	2007-01-08	Common Stock (40134)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	8427.696	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.