TARGET CORP — Director's Dealing 2007

Jul 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2007-06-29

Reporting Person: MULCAHY ANNE M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-29	Deferred Compensation Units	$0	A	212.2642	Acquired		Common Stock (212.2642)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9666	Direct

Footnotes

F1: Deferred Compensation units are held under the Director 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 and each unit is the economic equivalent of one share of Target common stock. 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 generally free to transfer plan balances into other crediting rate alternatives at any time. The Plan balances represent unsecured general obligations of Target Corporation and are payable solely in cash.

F2: Acquisition from the issuer in a transaction exempt under Rule 16b-3(d).

F3: Includes units acquired as a result of reinvested dividends since the reporting person's last filing that reported this derivative security.