TARGET CORP — Director's Dealing 2004

Mar 15, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2004-03-12

Reporting Person: AHLERS LINDA L (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-03-12	Common Stock, $.0833 per share	M	200900	$9.3438	Acquired	277156.845	Direct
2004-03-12	Common Stock, $.0833 per share	S	200900	$45.0268	Disposed	76256.845	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-12	Stock Option	$9.3438	M	13608	Disposed	2007-01-08	Common Stock (13608)	Direct
2004-03-12	Stock Option	$9.3438	M	93646	Disposed	2007-01-08	Common Stock (93646)	Direct
2004-03-12	Stock Option	$9.3438	M	93646	Disposed	2007-01-08	Common Stock (93646)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	10399.076	Indirect
Common Stock, $.0833 per share	53294.647	Indirect
Common Stock, $.0833 per share	1414	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.

F3: Shares held by trust of which Ms. Ahlers is a trustee.

F4: Held in the reporting person's name in an IRA Brokerage Account as of January 31, 2004.

F5: Includes 397.2885 shares acquired through the Dividend Reinvestment Plan during the fiscal year ended January 31, 2004.

F6: Includes 559.6776 shares acquired through the Dividend Reinvestment Plan during the fiscal year ended January 31, 2004.