Macquarie analyst Amy Yong upgraded DISH (DISH) to Outperform with a $62 price targets. The analyst said the AWS auctions beginning on August 16 may provide meaningful catalysts to take shares higher and provides the following scenarios: the new $3B convert provides ample liquidity to purchase spectrum and bulk up its already substantial 800Mhz spectrum, anything above the reserve price of $1.25/Mhz-PoP would be meaningful to shares, and an auction postponement or any issues could make DISH one of the few spectrum resources. Upon the auctions conclusion, Yong believes DISH has multiple paths to monetize spectrum by leasing spectrum to a third party and/or build-outs with a partner to meet FCC requirements, or through a DISH and T-Mobile (TMUS) merger that could result in PF valuation of $70 per share, or a merger with Verizon (VZ) or AT&T (T), which could value DISH at approximately $75+ per share.