TARGET CORP — Director's Dealing 2004

Mar 19, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2004-03-17

Reporting Person: FRANCIS MICHAEL (Executive)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-17	Common Stock, $.0833 per share	M	28470	$26.34	Acquired	28470	Direct
2004-03-17	Common Stock, $.0833 per share	S	28470	$45.18	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-17	Stock Option	$26.3438	M	7117	Disposed	2009-01-13	Common Stock (7117)	Direct
2004-03-17	Stock Option	$26.3438	M	7118	Disposed	2009-01-13	Common Stock (7118)	Direct
2004-03-17	Stock Option	$26.3438	M	7117	Disposed	2009-01-13	Common Stock (7117)	Direct
2004-03-17	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	4399.18	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.