TARGET CORP — Director's Dealing 2004

Apr 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2004-04-27

Reporting Person: STEINHAFEL GREGG W (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-27	Common Stock, $.0833 per share	M	168900	$9.3438	Acquired	323416	Direct
2004-04-27	Common Stock, $.0833 per share	S	168900	$44.782	Disposed	154516	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-04-27	Stock Option	$9.3438	M	19388	Acquired	2007-01-08	Common Stock (19388)	Direct
2004-04-27	Stock Option	$9.3438	M	93646	Acquired	2007-01-08	Common Stock (93646)	Direct
2004-04-27	Stock Option	$9.3438	M	55866	Acquired	2007-01-08	Common Stock (55866)	Direct

Holdings (Non-Derivative)

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

Footnotes

F1: Option granted under the Target Corporation Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.

F2: Shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of January 31, 2004, subject to adjustments.