Are these beaten down ASX 200 shares now too cheap to ignore?

While the recent market weakness has been disappointing, one positive is that it has brought the shares of some quality companies down to attractive levels.

Two such ASX 200 shares are listed below. Here's why these beaten down ASX shares could be in the buy zone now:

Westpac Banking Corp (ASX: WBC)

The first beaten down ASX 200 share to look at is Australia's oldest bank, Westpac.

On Thursday, the Westpac share price hit a 52-week low of $20.00. When its shares tumbled to that level, they were down a massive 26% from their highs. This weakness has been driven by the market volatility, its soft margin outlook, and doubts over its cost cutting aspirations.

One broker that believes the Westpac share price is trading at a very attractive level is Morgans. In fact, the broker believes the bank's shares offer "considerable value" to investors currently.

Morgans has an add rating and $29.50 price target on its shares. This implies potential upside of 46% over the next 12 months. The broker believes the market is wrong with its cost cutting doubts and feels confident Westpac will achieve its targets.

Xero Limited (ASX: XRO)

Another ASX 200 share that has sold off recently is Xero. This cloud accounting platform provider's shares dropped to a 52-week low of $104.44 on Thursday.

This has of course been driven by significant weakness in the tech sector following concerns over the prospect of rising rates in the United States. Higher interest rates can be bad for growth shares that trade on sky high multiples. This is because they are used as part of the valuation process. Higher rates generally mean lower valuations.

And while the Xero share price does trade on high multiples, one leading broker isn't fazed and appears to believe its growth outlook justifies this. As a result, this recent weakness could be a buying opportunity for investors.

Goldman Sachs currently has a buy rating and $158.00 price target on the company's shares. It believes Xero will almost double its revenue and operating earnings from FY 2021 to FY 2024.