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

Image placeholder title

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