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Best Buy gaining ground on rival Amazon: Report

The price gap between Best Buy and online rival Amazon has essentially closed for the first time ever, according to SunTrust Robinson Humphrey Managing Director David Magee on Monday's "Fast Money."

Magee, who has a 'buy' rating and $45 price target on Best Buy, and his team recently conducted a series of price checks for a basket of 50 accessories and larger ticket items.

What they found could be a game changer for Best Buy.

"We've been doing these checks for the past couple of years, and we've seen a decreasing gap between the two firms," said Magee. "This is the first time we've seen pricing parity throughout the store, which, you know, removes another obstacle for customers shopping at Best Buy."

It comes as its stock continues to act favorably despite the stock market correction. Best Buy stock has soared nearly 14 percent in the past month while Amazon has dropped 4 percent.

Last week, Best Buy reported a better than expected earnings, citing sales of large-screen TVs and phones.