Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Small-cap data storage specialist Quantum (NYSE: QTM) saw its shares surge in early trading after a Wall Street analyst upgraded the stock.

So what: If Quantum's two seemingly undervalued assets -- the DXi deduplication appliance and StorNext data management software -- perform as expected, Gleacher & Co. analyst Brian Marshall thinks the shares could easily double over the next year. Of course, the added Wall Street coverage alone should help bring some attention to the "under the radar small cap value idea."

Now what: While Fools should take analyst opinions with a grain of salt, Quantum certainly feels cheap. Even when you factor in today's double-digit pop, the stock trades at a wide forward P/E discount to rivals such as EMC (NYSE: EMC), Oracle (Nasdaq: ORCL), and Hewlett-Packard (NYSE: HPQ). Quantum may just be a small shrimp waiting to get squished by those tech titans, but on the surface at least, it has the makings of an undervalued hidden gem. 

Interested in more information on Quantum? Add it to your watch list by clicking here.