TARGET CORP — Director's Dealing 2005

Jul 11, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-07-08

Reporting Person: BLACKWELL TODD (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-07-08	Common Stock, $.0833 per share	M	29542	$33.8512	Acquired	29542.0000	Direct
2005-07-08	Common Stock, $.0833 per share	S	29542	$57.0212	Disposed	0.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-07-08	Stock Option	$33.8512	M	29542	Disposed	2010-01-12	Common Stock (29542.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	155.8241	Indirect

Footnotes

F1: Price is the weighted average selling price of all sales by the reporting person on the transaction date.

F2: Shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of the quarter ended April 30, 2005, subject to adjustments.

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

F4: Option granted on January 12, 2000. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.