TARGET CORP — Director's Dealing 2004

Jan 16, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2004-01-14

Reporting Person: SCOVANNER DOUGLAS A (Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-14	Stock Option	$38.25	A	16993	Acquired	2014-01-14	Common Stock (16993)	Direct
2004-01-14	Stock Option	$38.25	A	16994	Acquired	2014-01-14	Common Stock (16994)	Direct
2004-01-14	Stock Option	$38.25	A	16993	Acquired	2014-01-14	Common Stock (16993)	Direct
2004-01-14	Stock Option	$38.25	A	16994	Acquired	2014-01-14	Common Stock (16994)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	76124	Direct
Common Stock, $.0833 per share	3432.243	Indirect
Common Stock, $.0833 per share	3000	Indirect

Footnotes

F1: Held in Target Corporation 401(k) Plan (the "401(k) Plan") as of February 1, 2003, subject to adjustments.

F2: Shares held by a trust of which Mr. Scovanner is a trustee.

F3: Option granted under Target Corporation's Long-Term Incentive Plan of 1999 in a transaction exempt under Rule 16b-3.