The high levels of volatility the market is going through at the moment are no doubt making it tricky for investors to pick out shares to invest in.

Thankfully some investment banks up and down Australia have been busy re-rating shares. Research notes released this morning reveal that the following three shares have just been upgraded by analysts and could be ready for an investment:

Commonwealth Bank of Australia (ASX: CBA)

Australia’s largest bank has been upgraded to a neutral rating by analysts at Macquarie Group Ltd (ASX: MQG). As well as a rating upgrade, analysts also upgraded their price target from $75.50 to $76.50. The reason for the change was due to the recent fall in its share price, but also because analysts believe it has greater cost management flexibility in comparison to its peers. Whilst its shares have fallen to more reasonable levels, I still see better value in Westpac Banking Corp (ASX: WBC).

Graincorp Ltd (ASX: GNC)

Analysts at Deutsche Bank have upgraded the agribusiness to a buy with an $8.90 price target, which represents potential upside of over 9% for shareholders. Whilst I like Graincorp, I would resist an investment in the company until the Australian dollar drops to lower levels. Until the currency is at a much more favourable level for exporters, I expect Graincorp will unfortunately continue to underperform.

Reject Shop Ltd (ASX: TRS)

The struggling retailer has been upgraded to an overweight rating with a $12.80 price target by analysts at Morgan Stanley. Its analysts believe its shares have been oversold and are also expecting its turnaround to result in improved margins and sales over the next couple of years. The market has responded positively to the news and its shares are 7% higher as a result. Whilst I would agree that its shares do look oversold, I’m not entirely convinced about its future. I see the rise of ALDI and the supermarket price wars being a huge headwind for the company moving forward.

Before making any investments I would highly recommend you take a look to see if you own these three wealth destroying ASX shares. Each could be harming your portfolio right now and might be best swapped out.

3 Rotten Shares to Sell, and 1 to Buy Today

After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.