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Investment firm Jefferies added Dish Network ( DISH ) to its “franchise pick” stock list, saying Wall Street “has an overly bearish view” on the satellite TV broadcaster. Analyst Mike McCormack set a year-end 2017 price target of 80 on Dish stock, on views that its strategy of cobbling together radio spectrum for wireless or mobile video services will pay off. “We value Dish’s spectrum portfolio at nearly $45 billion on a pretax basis, or roughly $32 billion on a tax-adjusted basis,” McCormack said in a research report. Dish stock was up more than 3% in morning trading in the  stock market today , near 46, but it’s still down nearly 20% in 2016, and off 33% from a year ago. Dish has a low IBD Composite Rating of 19 out of a possible 99. Dish Network has amassed some 77 MHz of radio spectrum, spending some $15 billion in the process. However, the company lacks a wireless partner to deliver mobile video services over that spectrum. Verizon Communications ( VZ ) has stated it’s not interested in acquiring Dish Network’s spectrum but might be open to a wholesale network deal, analysts say. Dish — along with  AT&T ( T ), Verizon and  T-Mobile US ( TMUS ) — have filed as bidders in a federal auction of airwaves now owned by local TV broadcasters. The auction, begun in late March, might drag on until Q4. Depending on the auction’s outcome, wireless firms may be more or less interested in partnering with Dish Network or buying its spectrum. “We believe there are many outcomes and opportunities to realize value for Dish shareholders,” added McCormack in the report. “On concerns Dish is ‘running out of time,’ we believe there is plenty of time for various scenarios to unfold.”