TARGET CORP — Director's Dealing 2005

May 16, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-05-13

Reporting Person: MULCAHY ANNE M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-13	Common Stock, $.0833 per share	M	9804	$40.8000	Acquired	16639.0000	Direct
2005-05-13	Common Stock, $.0833 per share	S	9804	$49.1343	Disposed	6835.0000	Direct
2005-05-13	Common Stock, $.0833 per share	M	13219	$30.2600	Acquired	20054.0000	Direct
2005-05-13	Common Stock, $.0833 per share	S	13219	$49.1343	Disposed	6835.0000	Direct
2005-05-13	Common Stock, $.0833 per share	M	10458	$38.2500	Acquired	17293.0000	Direct
2005-05-13	Common Stock, $.0833 per share	S	10458	$49.1343	Disposed	6835.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-13	Stock Option	$40.8000	M	9804	Disposed	2012-01-09	Common Stock (9804.0000)	Direct
2005-05-13	Stock Option	$30.2600	M	13219	Disposed	2013-01-08	Common Stock (13219.0000)	Direct
2005-05-13	Stock Option	$38.2500	M	10458	Disposed	2014-01-14	Common Stock (10458.0000)	Direct

Footnotes

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

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