TARGET CORP — Director's Dealing 2007

Mar 10, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2007-03-07

Reporting Person: Baer Timothy R (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-09	Common Stock, $.0833 per share	M	6644	$26.3438	Acquired	16478.0000	Direct
2007-03-09	Common Stock, $.0833 per share	S	6644	$61.8233	Disposed	9834.0000	Direct
2007-03-07	Common Stock, $.0833 per share	I	5860.8777	$60.6000	Disposed	0.0000	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-07	Deferred Compensation Units	$	I	16799.9284	Disposed		Common Stock (16799.9284)	Direct
2007-03-09	Stock Option	$26.3438	M	6644	Disposed	2009-01-13	Common Stock (6644.0000)	Direct

Footnotes

F1: Price is the weighted average selling price of all sales by the reporting person on the transaction date. The range of selling prices was $61.81 to $61.85 per share.

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 shares reported relate to the Target common stock crediting rate alternative. The value of such shares 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 are payable solely in cash.

F3: The reporting person's most recent filing expressed the number of derivative securities in units. Effective as of February 4, 2007, the number of such securities is expressed in terms of the number of equivalent shares of Target common stock.

F4: Option granted under the Target Corporation Executive Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.

F5: Option granted on January 13, 1999. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.