After attending a meeting with management, JPMorgan analyst Philip Cusick says he continues to believe DISH Network (DISH) shares "severely undervalue" the company's underlying spectrum. His price target of $85 is based on $1.50/MHz/pop for the company's spectrum, which he points out is a 44% discount to AWS-3 auction prices and a 53% discount to T-Mobile's (TMUS) recent $420M purchase of spectrum in Chicago. Cusick adds that DISH CEO Charlie Ergen yesterday reiterated his thesis that the company's wireless spectrum has significant value in a world where data usage is growing significantly. The analyst keeps an Overweight rating on the shares. DISH closed yesterday up $2.95 to $53.68.