Why these ASX dividend stocks could be in the buy zone

Analysts think investors should be snapping up these income options.

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Looking for some new additions to your income portfolio?

If you are, then check out the two ASX dividend stocks listed below that analysts rate as buys.

Here's why they are bullish on these names:

MotorCycle Holdings Ltd (ASX: MTO)

The first ASX dividend stock that could be a buy is Motorcycle Holdings. It is a leading motorcycle dealership and accessories company.

Morgans is a fan of the company and sees significant value and big dividend yields at current levels. It highlights:

MTO continues to screen too cheap on ~6.5x FY24F PE and a ~9.5% yield [now ~10%].

The broker is expecting the company to pay fully franked dividends per share of 20 cents in both FY 2024 and FY 2025. Based on the current MotorCycle Holdings share price of $2.03, this implies very large yields of 9.9% for investors.

Morgans has an add rating and a $2.60 price target on its shares.

NIB Holdings Limited (ASX: NHF)

Analysts at Goldman Sachs are positive on this private health insurer and believe it could be an ASX dividend stock to buy right now.

Goldman likes NIB for a number of reasons. This includes the positive outlook for both its core and non-core businesses. It explains:

We have a Buy on NHF reflecting 1) Strong growth / recovery in non-ARHI businesses especially in Travel and IIHI. 2) Strong PH growth and market share gains in ARHI. 3) Buffers built across ARHI expenses, investments, write downs and provisioning that can be unwound to support UOP growth over time.

The broker expects this to underpin the payments of fully franked dividends per share of 29 cents in FY 2024 and 33 cents in FY 2025. Based on the current NIB share price of $7.47, this would mean 3.9% and 4.4% yields, respectively.

Goldman currently has a buy rating and $8.40 price target on NIB's shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has positions in and has recommended NIB Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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