The S&P/ASX 200 Index (ASX: XJO) may be at a record high, but that doesn't mean there aren't any great value shares out there.

For example, the two ASX 200 shares listed below have been named as strong buys by brokers and tipped to rise materially from current levels. Here's what they are saying about them:

Neuren Pharmaceuticals Ltd (ASX: NEU)

Bell Potter thinks that Neuren Pharmaceuticals could be one of the best ASX 200 shares to buy now.

It is developing new drug therapies to treat multiple serious neurological disorders that emerge in early childhood and have no or limited approved treatment options.

Its first product, DAYBUE, is approved by the US Food and Drug Administration (FDA) for the treatment of Rett syndrome in adult and pediatric patients two years of age and older.

Whereas its second drug candidate, NNZ-2591, is in phase 2 development for multiple neurodevelopmental disorders. Positive results have been achieved in phase 2 clinical trials in Phelan-McDermid syndrome, Pitt Hopkins syndrome, and Angelman syndrome.

Bell Potter is a big fan of the company. This is largely due to its NNZ-2591 drug candidate. It explains:

NEU is a biotech company that is well-funded via its first asset, DAYBUE, which is an FDA approved trofinetide for the treatment of Rett syndrome. NEU's value is from its second asset, NNZ-2591, which is under development for rare diseases. NNZ-2591, if successful, could lead to a significant increase in revenue and earnings when brought to market. NEU looks attractive on a risk/adjusted basis after the recent sell-off.

The broker has a buy rating and $25.00 price target on its shares. This implies potential upside of 76% for investors over the next 12 months.

Woolworths Group Ltd (ASX: WOW)

Another ASX 200 share that could be a best buy according to analysts is Woolworths.

It is Australia's largest retailer operating the eponymous Woolworths supermarket chain, Big W, and a growing pet care business. Each week, it aims to provide the best possible convenience, value, range and quality to the 24 million customers it serves across its growing network of businesses.

Goldman Sachs is very bullish on the retail giant and has its shares on its conviction list. It said:

We are Buy rated on the stock as we believe the business has among the highest consumer stickiness and loyalty among peers, and hence has strong ability to drive market share gains via its omni-channel advantage, as well as its ability to pass through any cost inflation to protect its margins, beyond market expectations. The stock is trading below its historical average (since 2018), and we see this as a value entry level for a high-quality and defensive stock.

The broker has a buy rating and $40.10 price target on its shares. This suggests that upside of 15% is possible from current levels.