Jefferies analyst Ramsey El-Assal says his recent channel checks indicate that FleetCor's fee practices does not meet the bar for FTC intervention. The company's fee and billing practices, which bears are painting in an unfavorable light, simply do not reach a level that would spark FTC interest, El-Assal tells investors in a research note titled "Bears Wrong About FLT Fees," citing his channel checks, which included a conference call with a "noted former regulator." The analyst remains bullish on FleetCor shares with a Buy rating and $197 price target.