If Amazon gets into the delivery business, it won't hurt UPS and FedEx as much as expected, analyst Keith Schoonmaker told CNBC on Thursday.
Shares of UPS and FedEx were initially hit on Thursday after a report about competition from Amazon. FedEx ultimately closed a fraction of a point higher, while UPS recovered to close 0.7 percent down.
Schoonmaker, director of industrial equity research at Morningstar, said Amazon accounts for only a small portion of UPS' and FedEx's revenues.
"I think it's important to frame UPS' and FedEx's exposure to Amazon. UPS says that no customer constitutes 10 percent of its revenue, and FedEx says no one constitutes three percent of its revenue. We would gauge earnings exposure more like mid-single digits to UPS and maybe 2 percent for FedEx," he said in an interview with "Closing Bell."