FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Scully Terrence J   2. Issuer Name and Ticker or Trading Symbol TARGET CORP [TGT] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Executive Officer (Last) (First) (Middle) 1000 NICOLLET MALL 3. Date of Earliest Transaction (Month/Day/Year) 10/24/2006 (Street) MINNEAPOLIS, MN 55403- 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, $.0833 per share 10/24/2006   M   100 A $ 17.2969 100 D   Common Stock, $.0833 per share 10/24/2006   M   5,910 A $ 33.8512 6,010 D   Common Stock, $.0833 per share 10/24/2006   M   8,825 A $ 33.9956 14,835 D   Common Stock, $.0833 per share 10/24/2006   S   14,835 D $ 59.0519 (1) 0 D   Common Stock, $.0833 per share               26,033.2619 (2) I By 401(k) Plan

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (3)

$ 17.2969

10/24/2006

M

100

(4)

01/14/2008

Common Stock

100

$ 0

0

D

Stock Option (5)

$ 33.8512

10/24/2006

M

5,910

(6)

01/12/2010

Common Stock

5,910

$ 0

0

D

Stock Option (5)

$ 33.9956

10/24/2006

M

8,825

(7)

01/10/2011

Common Stock

8,825

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Scully Terrence J 1000 NICOLLET MALL MINNEAPOLIS, MN 55403-			Executive Officer

Signatures

By: David L. Donlin, Attorney-In-Fact		10/26/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Price is the weighted average selling price of all sales by the reporting person on the transaction date. The range of selling prices was $59.01 to $59.12 per share.
(2)	Shares held in the Target Corporation 401(k) Plan based on the plan statement as of September 29, 2006.
(3)	Option granted under the Target Corporation Executive Long-Term Incentive Plan of 1981 in a transaction exempt under Rule 16b-3.
(4)	Option granted on January 14, 1998. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.
(5)	Option granted under the Target Corporation Long-Term Incentive Plan in a transaction exempt under Rule 16b-3.
(6)	Option granted on January 12, 2000. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.
(7)	Option granted on January 10, 2001. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

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