TARGET CORP — Director's Dealing 2005

Mar 8, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-03-04

Reporting Person: FRANCIS MICHAEL (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-03-04	Common Stock, $.0833 per share	M	58832	$33.9956	Acquired	58832.0000	Direct
2005-03-04	Common Stock, $.0833 per share	S	58832	$52.4315	Disposed	0.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-03-04	Stock Option	$33.9956	M	58832	Disposed	2011-01-10	Common Stock (58832.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	4612.1070	Indirect

Footnotes

F1: Shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of January 28, 2005, subject to adjustments.

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

F3: The option vests and becomes exercisable in 25% increments on each anniversary of the grant date.