TARGET CORP — Director's Dealing 2005

Jan 14, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-01-12

Reporting Person: BUTZER BART (Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-12	Stock Option	$49.4300	A	60692	Acquired	2015-01-12	Common Stock (60692.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	64520.0000	Direct
Common Stock, $.0833 per share	9342.0440	Indirect
Common Stock, $.0833 per share	28.0000	Indirect

Footnotes

F1: Shares held in the Target Corporation 401(k) Plan (the "401(k) Plan") as of January 31, 2004, subject to adjustments.

F2: The reporting person disclaims beneficial ownership of all securities held by his wife and this report should not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

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

F4: The option vests and becomes exercisable in 25% increments on each anniversary of the grant date.