Credit: T-Mobile

T-Mobile got a boost Monday on news J.P. Morgan now sees a 90 percent chance the Un-carrier will be involved in a tie-up transaction within the next five years.

According to a report from Reuters, J.P. Morgan speculated T-Mobile could be involved in a merger with Sprint or a cable company, and noted a deal with either Dish Network or a foreign player looking for a U.S. footprint could also be in the cards. In particular, J.P. Morgan favored a deal with Sprint, the odds of which the firm put at 35 percent, with a 70 percent chance of approval.

"We believe that parents SoftBank and Deutsche Telekom have increased their preference for a tie-up in the last six months and that the value of about $5 billion of annual synergies is enough to smooth over most disagreements on relative value," J.P. Morgan's Philip Cusick said in the note.

J.P. Morgan’s predictions come despite some cold water thrown on merger talk by MoffettNathanson back in December. The latter said such a deal between Sprint and T-Mobile would be “hard to sell” – both to T-Mobile parent company Deutsche Telekom and the Department of Justice, Republican administration notwithstanding.

Liberty Media Chairman John Malone, however, raised the specter of a cable takeover of T-Mobile at an investor conference earlier this month, commenting “maybe the three major cable companies get together and buy T-Mobile.”

Separately, Wells Fargo on Monday raised its valuation of T-Mobile and noted it believes the Un-carrier is positioned to be the “biggest incremental winner of the broadcast incentive auction when it concludes.” Assuming T-Mobile spends $8 billion in the ongoing auction, Wells Fargo Senior Analyst Jennifer Fritzsche said the Un-carrier “could walk away with a meaningful chunk of spectrum at prices significantly lower than we would have thought.”

On the M&A speculation front, Wells Fargo chimed in that it believes a tie-up between Sprint and T-Mobile is the most likely scenario.