In 2017, Target's dividend yield approached 5% as investors worried about the long-term fate of big-box retailers in the age of Amazon. The company's same-store sales had started declining as more shopping migrated online, and Target's margins dipped as management invested in a digital-focused turnaround plan. Despite these bumps in the road, Target always maintained a Safe Dividend Safety Score, reflecting the company's reasonable payout ratio, consistent cash flow generation, and healthy balance sheet. Today we are upgrading Target's Dividend Safety Score to Very Safe as the firm has materially improved its key fundamental metrics and demonstrated further traction with its turnaround plan. Target reported earnings on August 19 and delivered the company's strongest ever comparable sales growth of 24%, fueled by the pandemic.