CarMax (KMX) is likely to post a "solid" fiscal Q1, with comparable sales likely to grow in the mid single-digit range, Truist said in a note Wednesday.

According to the firm, Q1 comparable sales are likely to fall in the 6% to 7% range compared with Truist's own forecast of 8% growth.

Truist analysts said they believe the quarter "started strong," as consumers sought to buy before tariff-related price increases but subsequently faded by May as "pull-forward activity eased."

Sales are seen to have turned "slightly negative by May," which most likely led to a more moderate start in Q2 and may be a cause for some concern in Q2 and the full-year, according to the note.

The analysts said they believe "sales could have been impacted simply by the pull-forward or, potentially, tighter credit standards or the continuing pressures from competitive source."

Truist has a hold rating on the stock with a $72 price target.

Price: 64.54, Change: +0.11, Percent Change: +0.17