Daniel R. Perlin, an equity analyst at Wachovia Corp., has raised his price target range for Visa Inc. shares Friday to $95 to $100 from his previous range of $85 to $90.

In a note to clients, Mr. Perlin wrote that it is becoming clearer how the San Francisco company can increase revenues faster than expenses.

He also wrote that his valuation for Visa is "supported by" the bullish outlook given by MasterCard Inc. at an investor presentation last week. The Purchase, N.Y., card company raised its target for average annual revenue growth during the next three years to 12% to 15%, from a previous range of 8% to 10%; for net income to 20% to 30% a year, from 15% to 20%; and for operating margin growth to three to five percentage points per year, from one to two percentage points.

At midafternoon Friday Visa shares were trading at $84.02, off about 3% from Thursday's close but nearly double the price they debuted at this year.

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