BTIG analyst Marvin Fong upgraded Cars.com to Buy with a price target of $30 after the company announced it is reviewing its strategic alternatives that includes a potential sale last week. The analyst notes the outlook for shareholders has "meaningfully improved" as the company has posted strong Q4 traffic growth, reduced salesforce cost to free up $10M for reinvestment, and also made positive changes to its user interface. Fong believes that even if the latest review does not lead to a sale, the activist involvement has generated benefits and Cars.com may be back on the "auction block" at some point down the line.