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TARGET CORP Director's Dealing 2005

May 20, 2005

30059_dirs_2005-05-20_4de4d6b3-c659-4950-b416-15095c9f1da6.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-05-19

Reporting Person: SCOVANNER DOUGLAS A (Executive Officer)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2005-05-19 Common Stock, $.0833 per share M 55000 $17.2969 Acquired 131124.0000 Direct
2005-05-19 Common Stock, $.0833 per share S 55000 $52.2145 Disposed 76124.0000 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2005-05-19 Stock Option $17.2969 M 55000 Disposed 2008-01-14 Common Stock (55000.0000) Direct

Holdings (Non-Derivative)

Security Shares Ownership
Common Stock, $.0833 per share 4007.7610 Indirect
Common Stock, $.0833 per share 3000.0000 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 January 28, 2005, subject to adjustments.

F3: Shares held in a trust of which Mr. Scovanner is a trustee.

F4: Option granted under the Target Corporation Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.

F5: Option granted on January 14, 1998. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.