TARGET CORP — Director's Dealing 2011

Nov 22, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2011-11-18

Reporting Person: Scully Terrence J (Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-18	Common Stock	M	3922.0000	$38.2500	Acquired	41365.0000	Direct
2011-11-18	Common Stock	S	3922.0000	$52.9900	Disposed	37443.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-18	Stock Option	$38.2500	M	3922.0000	Disposed	2014-01-14	Common Stock (3922.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	29573.1463	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: Price is the volume weighted average selling price of all sales by the reporting person on the transaction date within a one dollar range. Actual prices ranged from $52.99 to $52.992. The reporting person hereby undertakes to provide upon request of the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price.

F3: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of September 30, 2011.

F4: Option granted under the Target Corporation Long-Term Incentive Plan.

F5: Option granted on January 14, 2004. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.