Email address visible in form select option value -- spam risk?

I know showing an email address on your website or in the source code is a spam bot harvesting risk. Is it just as bad if the email is inside a select option value, but not the display? Like this:

<select>
<option value="email@efoo.com">Arizona</option>
<option value="me@foo.com">Arkansas</option>
....
</select>

Is this just as a high a spam risk as anything else? Or is it less likely to be found by a bot since it's not in a traditional location?

Solution

It's always a high Spam-Risk if you display an e-Mail Address in plaintext - no matter if you display it directly to your visitors. It's so easy to search for email Addresses in the HTML Sourcecode of your Site.