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: BLACKWELL TODD (Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-12	Stock Option	$49.4300	A	74854	Acquired	2015-01-12	Common Stock (74854.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	6956.4370	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: 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.