TARGET CORP — Director's Dealing 2006

Feb 17, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2006-02-07

Reporting Person: Kozlak Jodee A (Executive Officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	0	Direct
Common Stock, $.0833 per share	1320.708	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Compensation Units	$		Common Stock (373.7203)		Direct
Stock Option	$40.8000	2012-01-09	Common Stock (1839.0000)		Direct
Stock Option	$33.8400	2012-09-04	Common Stock (5911.0000)		Direct
Stock Option	$30.2600	2013-01-08	Common Stock (4958.0000)		Direct
Stock Option	$38.2500	2014-01-14	Common Stock (3922.0000)		Direct
Stock Option	$44.0200	2014-08-02	Common Stock (3408.0000)		Direct
Stock Option	$49.4300	2015-01-12	Common Stock (4047.0000)		Direct
Stock Option	$53.9800	2016-01-11	Common Stock (13895.0000)		Direct
Stock Option	$55.1000	2016-02-06	Common Stock (33576.0000)		Direct

Footnotes

F1: Shares held in the Target Corporation 401(k) Plan as of February 7, 2006.

F2: Acquired pursuant to the Target Corporation Executive 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.

F3: Amounts deemed invested in units whose value is derived from Target Corporation stock may be transferred into other investment alternatives under the Plan at any time. Units reported are payable only in cash generally following termination of the reporting person's service as an executive of Target Corporation.

F4: Option granted under the Target Corporation Long-Term Incentive Plan in a transaction exempt under Rule 16b-3.

F5: Option granted on January 9, 2002. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F6: Option granted on September 4, 2002. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F7: Option granted on January 8, 2003. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F8: Option granted on January 14, 2004. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F9: Option granted on August 2, 2004. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F10: Option granted on January 12, 2005. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F11: Option granted on January 11, 2006. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F12: Option granted on February 6, 2006. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.