Wells Fargo characterizes Citron Research's report on FleetCor (FLT) as claiming that the company's fee structure is "predatory" because it generates 56% of its revenue from customers, versus only 12% for WEX (WEX). Wells says that WEX generated at least 34% of its 2016 revenue from customers, while at least 39% of its fleet revenue came from customers, versus 57% for FleetCor. Wells adds that Fleetcor generates more revenue per transaction from its fuel card business than WEX partly because its focuses on smaller fleets and "has greater exposure to the over-the-road segment, where revenue-per-transaction is higher given significantly higher average transaction sizes." The firm keeps an Outperform rating on Fleetcor.