If you are on the hunt for big returns, then you are in luck.

Because of the market selloff, there are ASX 200 shares trading at sharp discounts to what analysts believe they are really worth.

For example, here are two ASX 200 shares that could rise 50% to 60% according to analysts:

Lovisa Holdings Ltd (ASX: LOV)

This first ASX 200 share that has been tipped to rocket from current levels is Lovisa. It is a fashion jewellery retailer with a rapidly growing global store network.

Morgans is a fan of the company and believes it is well-placed for growth thanks to its global expansion. The broker said:

The pace of store rollout has started to accelerate after a period of consolidation, notably in the US over the past two years. We believe Lovisa is poised to hit the landmark of 1,000 stores before the end of the current half, possibly by the time the outgoing CEO Victor Herrero hands over the reins on 31 May.

This underscores what we see as the most important element of the Lovisa investment case: the business has a subscale presence in almost every one of the 50 markets in which it operates and significant long-term growth potential in each. We believe the platform for long-term growth is getting stronger all the time.

Morgans has an add rating and $35.00 price target on the company's shares. This implies potential upside of 53% for investors over the next 12 months.

Nextdc Ltd (ASX: NXT)

Goldman Sachs thinks that NextDC could be an ASX 200 share to buy for big returns. It is a leading data centre operator with a growing collection of world class data centres across the Asia-Pacific region.

Its analysts rate the company highly due to the cloud computing boom and feel that its shares are undervalued compared to peers. They said:

We are particularly positive on NXT and are Buy rated given the rapid growth in cloud adoption, which has been supported by the continued evolution of the enterprise telecommunications market, and the significant demand by both public and private investors for digital infrastructure assets.

We believe the company has a compelling growth profile and a proven and profitable business model, noting it trades on a growth-adjusted discount vs. peers, which we view as unjustified.

The broker has a buy rating and $17.10 price target on its shares. This suggests that upside of 60% is possible for investors between now and this time next year.