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: Risch Troy H (Executive Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-01-09	Deferred Compensation Units	$0	I	179.7364	Disposed		Common Stock (179.7364)	Direct
2008-01-09	Stock Option	$48.89	A	96135	Acquired	2018-01-09	Common Stock (96135)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4862	Direct
Common Stock	11.1542	Indirect

Footnotes

F1: Includes dividend equivalents paid on restricted stock units since the date of the reporting person's last filing that have been reinvested in additional restricted stock units.

F2: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of December 31, 2007.

F3: Deferred compensation units are held under 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 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.

F4: The reporting person's most recent filing expressed the number of derivative securities on a unit accounting basis. 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.

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

F6: Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.