If you're looking for ASX dividend shares to buy with great dividend yields, then it could be worth checking out the two listed below that analysts appear to believe have been oversold.
Here's what you need to know about them:
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Accent Group Ltd (ASX: AX1)
Over the last six months, this footwear-focused retailer's shares have fallen 20%. A good portion of this came last week after the company released a trading update that disappointed the market.
Nevertheless, Bell Potter remains positive following the update and sees Accent as an ASX dividend share to buy. It has put a buy rating and a $2.50 price target on its shares. This implies a potential upside of 41% over the next 12 months.
As for income, the broker is forecasting fully franked dividends per share of 12 cents in FY 2024 and then 14.1 cents in FY 2025. Based on the latest Accent share price of $1.77, this represents dividend yields of 6.8% and 8%, respectively.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is the worst performer out of the big four banks over the last 12 months. During this time, Australia's oldest bank's shares have lost 12% of their value.
This has been driven by the bank abandoning its ambitious cost reductions target, concerns over intense competition for home loans, and its relatively underwhelming operating performance.
The team at Ord Minnett appear to see this as a buying opportunity for income investors. Earlier this month, the broker put an accumulate rating and $28.00 price target on the bank's shares. This compares very favourably to the latest Westpac share price of $21.23.
As well as significant upside, Ord Minnett is expecting some big dividend yields. It is forecasting fully franked dividends per share of $1.45 in FY 2024 and $1.51 in FY 2025. Based on the current Westpac share price, this will mean dividend yields of 6.8% and 7.1%, respectively.
