TARGET CORP — Director's Dealing 2005

May 25, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-05-24

Reporting Person: Scully Terrence J (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-24	Common Stock, $.0833 per share	M	2791	$17.2969	Acquired	2791.0000	Direct
2005-05-24	Common Stock, $.0833 per share	S	2791	$52.7695	Disposed	0.0000	Direct
2005-05-24	Common Stock, $.0833 per share	M	7592	$26.3438	Acquired	7592.0000	Direct
2005-05-24	Common Stock, $.0833 per share	S	7592	$52.7695	Disposed	0.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-24	Stock Option	$17.2969	M	2791	Disposed	2008-01-14	Common Stock (2791.0000)	Direct
2005-05-24	Stock Option	$26.3438	M	7592	Disposed	2009-01-13	Common Stock (7592.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	25172.2880	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: Option granted under the Target Corporation Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.

F4: Option granted on January 14, 1998. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F5: Option granted on January 13, 1999. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.