TARGET CORP — Director's Dealing 2005

Jan 7, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2005-01-04

Reporting Person: SANGER STEPHEN W (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-04	Deferred Compensation Units	$	A	115.8231	Acquired		Common Stock (115.8231)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	9015.0000	Direct

Footnotes

F1: Acquired pursuant to the Target Corporation Director Deferred Compensation Plan (the "Plan"). Under the terms of the Plan, participants are invested in units which reflect the value of the amount of compensation deferred. The value of the units reported is adjusted to reflect approximately the rate of return of Target Corporation common stock plus a 2% annual enhancement. The units are not convertible into Target Corporation common stock, nor is any specific number of shares of such stock deemed to underlie each unit. Amounts deemed invested in units whose value is derived from Target Corporation stock may be transferred into other investment alternatives under the Plan.

F2: Units reported are payable only in cash generally following termination of the reporting person's service as a director of Target Corporation.