If you are in the market for some new ASX 200 shares in February, then it could be worth listening to what analysts at Bell Potter are saying.

That's because the broker has just revealed its favoured picks for the month ahead on its Australian equities panel. It notes that these are the shares that it believes "offer attractive risk-adjusted returns over the long term."

The broker also points out that when identifying its picks, it considers the current macro-economic backdrop and investment environment, focusing on quality companies with proven track records, capable management, and competitive advantages.

With that in mind, let's look at two ASX 200 shares make the list this month. They are as follows:

CSL Ltd (ASX: CSL)

The first ASX 200 share that Bell Potter is speaking very highly of is biotechnology giant CSL.

The broker highlights that the company's shares are trading at a significant discount to historical multiples. This is despite CSL's outlook looking the best it has been in years. It said:

CSL presents an attractive buying opportunity as we anticipate the start of a margin recovery phase for CSL, driving above-market earnings growth over the next few years. CSL trades at a 12-month forward PE of ~23x, representing a discount to its 10-year average of ~31x. Furthermore, the company will continue to deleverage the balance sheet over the next few years. Given the company's proven quality and growth prospects, we believe significant upside remains.

Bell Potter has a buy rating and $345.00 price target on CSL's shares. This implies potential upside of 27% for investors from current levels.

Whitehaven Coal Ltd (ASX: WHC)

A new addition to the broker's Australian equities panel this month is coal miner Whitehaven Coal.

Bell Potter believes this ASX 200 share is a buy due to the favourable outlook for metallurgical coal and its improving balance sheet. Commenting on its addition to the panel, the broker said:

We now include Whitehaven Coal, a high quality met coal producer. We hold a positive long-term met coal outlook on the back of a constrained and increasingly consolidated supply base along with growing Indian demand that should support long-term price growth. Met coal would benefit from further China stimulus and in addition, WHC's balance sheet will significantly de-risk with the Blackwater selldown completion scheduled in the current quarter

Bell Potter currently has a buy rating and $9.00 price target on the company's shares. This suggests that upside of 43% is possible from current levels.