TARGET CORP — Director's Dealing 2006

Aug 18, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2006-08-17

Reporting Person: ULRICH ROBERT J (Director, Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-17	Common Stock, $.0833 per share	M	497744	$9.3438	Acquired	561043.0000	Direct
2006-08-17	Common Stock, $.0833 per share	S	497744	$50.0290	Disposed	63299.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-08-17	Stock Option	$9.3438	M	497744	Disposed	2007-01-08	Common Stock (497744.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	10855.4410	Indirect
Common Stock, $.0833 per share	709103.0000	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 $49.90 to $50.30 per share.

F2: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of June 30, 2006.

F3: Option granted under the Target Corporation Executive Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.

F4: Option granted on January 8, 1997. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.