The illustrious ASX 50 index is home to 50 of the largest listed companies on the Australian share market.

While there are a number of quality options on offer in the index, two that could be in the buy zone according to analysts at Morgans are listed below.

Here's why the broker believes these ASX 50 shares are best buys:

Morgans remains very positive on this biotechnology giant and continues to see it as a top option for investors. Particularly after its shares underperformed in recent times. It commented:

While shares have struggled of late, we continue to view CSL as a key portfolio holding and sector pick, offering double-digit recovery in earnings growth as plasma collections increase, new products get approved and influenza vaccine uptake increases around ongoing concerns about respiratory viruses, with shares trading at 25x, a substantial discount (20%) to its long-term average.

Morgans has an add rating and $315.40 price target on its shares. This implies potential upside of almost 12% for investors.

Another ASX 50 share that has been given the thumbs up by analysts at Morgans is energy giant Woodside.

Its analysts are positive on the company due to its attractive valuation, healthy balance sheet, and the progress it is making with its current capex phase. It commented:

A tier 1 upstream oil and gas operator with high-quality earnings that we see as likely to continue pursuing an opportunistic acquisition strategy. WDS's share price has been under pressure in recent months from a combination of oil price volatility and approval issues at Scarborough, its key offshore growth project.

With both of those factors now having moderated, with the pullback in oil prices moderating and work at Scarborough back underway, we see now as a good time to add to positions. Increasing our conviction in our call is the progress WDS is making through the current capex phase, while maintaining a healthy balance sheet and healthy dividend profile. WDS still has to address long-term issues in its fundamentals (such as declining production from key projects NWS/Pluto), but will still generate substantial high-quality earnings for years to come.

Morgans has an add rating and $34.20 price target on its shares. This suggests potential upside of 14% for investors. In addition, the broker is forecasting a 4.5% dividend yield in FY 2024, boosting the total potential return beyond 18%.