TARGET CORP — Director's Dealing 2005

Jul 22, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-07-20

Reporting Person: STORCH GERALD L (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-07-20	Common Stock, $.0833 per share	M	13000	$21.4063	Acquired	75798.0000	Direct
2005-07-20	Common Stock, $.0833 per share	S	13000	$60.0000	Disposed	62798.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-07-20	Stock Option	$21.4063	M	13000	Disposed	2008-05-11	Common Stock (13000.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	9098.9212	Indirect

Footnotes

F1: Shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of the quarter ended April 30, 2005, subject to adjustments.

F2: Option granted under the Target Corporation Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.

F3: Option granted on May 11, 1998. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.