TARGET CORP — Director's Dealing 2006

Jul 21, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2006-07-19

Reporting Person: STEINHAFEL GREGG W (Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-07-19	Deferred Compensation Units	$	I	27696.7576	Acquired		Common Stock (27696.7576)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	138516.0000	Direct
Common Stock, $.0833 per share	3545.7145	Indirect

Footnotes

F1: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of June 30, 2006.

F2: 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.