NEW YORK (TheStreet) -- Shares of DISH Network (DISH) - Get Report are rising Monday morning, as its spectrum assets are clearly becoming more valuable. It's been a "phenomenal stock," said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio

The subscription satellite television provider also received a price target increase at RBC Capital Markets, from $69 to $81. Monday's gains add to Friday's 2.1% move higher.

The Federal Communications Commission is seeing far greater-than-expected demand in its spectrum auction, causing many investors to wonder whether DISH Network -- with its own spectrum assets -- is undervalued.

While investors are bullish about DISH's value, they're growing concerned about the added costs that cell phone service providers like Verizon (VZ) - Get Report will need to shell out for additional spectrum, Cramer said on CNBC's "Cramer's Mad Dash" segment.

DISH Network DISH data by YCharts

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It's still unclear, however, how DISH will eventually realize the value of its assets. With a market cap of $16.4 billion, DISH could become an acquisition target for some of the larger telecommunications carriers. It could also consider some type of deal with Sprint (S) - Get Report or T-Mobile U.S. (TMUS) - Get Report , Cramer said. 

There are still a lot of questions, but one thing is certain, Cramer concluded: DISH Network's spectrum is very valuable and will continue to appreciate.

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.

-- Written by Bret Kenwell

Follow @BretKenwell