Contact the consumer division of your state's Attorney General. The Target Replacement Protection clearly says "Your product will be replaced with a Target GiftCard!"
You paid for the protection so it doesn't matter how cheap the product is you deserve them to follow through with their promise.
The AG may pursue Target and get a lot of good publicity for their reelection and a lot of bad publicity for Target.
A big fine may be the result. Of course, you as a consumer won't see any money but Target will suffer at least a little pain.
At least Target is clean and has a nice parking lot.
Monetary Loss: $60.