TARGET CORP — Director's Dealing 2006

Oct 11, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2006-10-09

Reporting Person: STEINHAFEL GREGG W (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-10-09	Common Stock, $.0833 per share	M	105850	$26.3438	Acquired	244366.0000	Direct
2006-10-09	Common Stock, $.0833 per share	S	105850	$58.5314	Disposed	138516.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-10-09	Deferred Compensation Units	$	J	130792.5547	Disposed		Common Stock (130792.5547)	Direct
2006-10-09	Stock Option	$26.3438	M	105850	Disposed	2009-01-13	Common Stock (105850.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	3550.9968	Indirect

Footnotes

F1: Reported sales price is the weighted average selling price of all sales on the transaction date. The range of selling prices was $58.35 to $58.62 per share.

F2: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of September 29, 2006.

F3: Acquired pursuant to the Target Corporation Executive Deferred Compensation Plan (the "Plan"). Under the terms of the Plan, participants' deferred compensation balances are indexed to various crediting rate alternatives, as chosen by them. The units reported relate to the Target common stock crediting rate alternative. The value of such units increases or decreases daily in accordance with an equivalent investment in the Target Stock Fund in the corporation's 401(k) plan. Participants are free to transfer plan balances into other crediting rate alternatives at any time. The Plan balances represent unsecured general obligations of Target Corporation, and the units are payable solely in cash. In addition, Plan participants receive additional credits to their account balances which equate to an additional 2 percent return, in part to compensate for the credit risk incurred by participation in the Plan.

F4: Transaction reported was a transfer of plan balances out of the Target common stock crediting rate alternative.

F5: Option granted under the Target Corporation Long-Term Incentive Plan in a transaction exempt under Rule 16b-3.

F6: Option granted on January 13, 1999. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.