Shares of Visa Inc. and MasterCard Inc. may rise as Senate Democrats struggle to muster votes for legislation that would help merchants cut credit card fees, a Morgan Stanley analyst said.

"The severity of the language in the proposed amendments, in their current form, increases the potential for a 60-vote approval requirement. We would be buyers on weakness," Morgan Stanley's Adam Frisch wrote Thursday in a note to clients after the companies' shares fell.

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