TARGET CORP — Director's Dealing 2008

Jan 11, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2008-01-09

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-09	Stock Option	$48.89	A	255677	Acquired	2018-01-09	Common Stock (255677)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	211799	Direct
Common Stock	11146.6563	Indirect
Common Stock	560603	Indirect

Footnotes

F1: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of December 31, 2007.

F2: Option granted under the Target Corporation Long-Term Incentive Plan in a transaction exempt under Rule 16b-3.

F3: Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.