I don't know how to quantify the upside or a great answer to your question, but pay very close attention to the Float.
Stocks that only have a 5 million, 10 million, 20 million share float for example are much more susceptible to a short squeeze. And there's no telling what the upside can be on a short squeeze with a thin float...
Couple recent ones are MPO ($1.80-$7), ACI ($1-$10), and probably the craziest one I've ever seen about a month ago AQXP which went from $1.50 to $55 in three trading sessions. Now stands at $14 and change.
All had small floats ~ 10 million shares.
Short covering fueled swings like this are the main reason I don't buy into the efficient market theory. Markets can remain irrational longer than you can remain solvent...
