TARGET CORP — Director's Dealing 2007

Jun 15, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2007-06-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-06-13	Common Stock	M	100000	$19.9375	Acquired	169787	Direct
2007-06-13	Common Stock	S	100000	$63.5	Disposed	69787	Direct
2007-06-14	Common Stock	M	900000	$19.9375	Acquired	969787	Direct
2007-06-14	Common Stock	S	900000	$63.5166	Disposed	69787	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-06-13	Stock Option	$19.9375	M	100000	Disposed	2008-03-06	Common Stock (100000)	Direct
2007-06-14	Stock Option	$19.9375	M	900000	Disposed	2008-03-06	Common Stock (900000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11083.3878	Indirect
Common Stock	702615	Indirect

Footnotes

F1: Reflects changes in the form of ownership since the date of the reporting person's last filing.

F2: Price is the weighted average selling price of all sales by the reporting person on the transaction date. The range of selling prices was $63.50 to $63.63 per share.

F3: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of March 31, 2007.

F4: Option granted on March 6, 1998. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

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

F6: The reporting person has transferred 180,555 of these options to a trust established for estate planning purposes. The reporting person has retained control over the options through the terms of the trust.