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: BUTZER BART (Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-14	Stock Option	$38.25	A	12745	Acquired	2014-01-14	Common Stock (12745)	Direct
2004-01-14	Stock Option	$38.25	A	12745	Acquired	2014-01-14	Common Stock (12745)	Direct
2004-01-14	Stock Option	$38.25	A	12745	Acquired	2014-01-14	Common Stock (12745)	Direct
2004-01-14	Stock Option	$38.25	A	12746	Acquired	2014-01-14	Common Stock (12746)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	64520	Direct
Common Stock, $.0833 per share	28	Indirect
Common Stock, $.0833 per share	8989.691	Indirect

Footnotes

F1: The reporting person disclaims beneficial ownership of all securities held by his wife and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

F2: Held in Target Corporation 401(k) Plan (the "401(k) Plan") as of February 1, 2003, subject to adjustments.

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