Jefferies analyst Mike McCormack calls shares of DISH "one of the best investing opportunities in our coverage." DISH's implied spectrum value "grossly underestimates" the market value, McCormack tells investors in a research note. He believes the "significant discount to asset valuation is bordering on the absurd." The analyst estimates DISH's spectrum trades at 52c per MHz-POP, which he calls an "unreasonably low valuation versus any spectrum benchmark." McCormack thinks a sale of the asset, or merger with a wireless operator, is unrealistic over the near-term, and believes a leasing deal is most likely. He lowered his price target for DISH shares to $80 from $100 and keeps a Buy rating on the name