2 excellent ASX dividend shares that analysts love

Analysts are feeling bullish about these income options.

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If you're on the lookout for some new ASX dividend shares for your portfolio, then it could be worth checking out the two listed below.

Here's what analysts are saying about them:

Lovisa Holdings Ltd (ASX: LOV)

Lovisa could be an ASX dividend share to buy according to analysts. It is a leading fast fashion jewellery retailer with over 800 stores across over 30 countries.

But if you thought that would be where its journey ends, you would be wrong. Management has huge global expansion plans and has just entered the massive China market. And importantly, this expansion is being overseen by a highly experienced CEO that has an incredible track record of taking brands global.

The team at Morgans is very bullish on the company's expansion plans. It notes that "investment will be needed to expand LOV's network in the US and Europe and to take it into new markets, but the company has the balance sheet capacity to fund this and the returns could be stellar."

This could be great news for the company's earnings and dividends over the next decade. In the meantime, Morgans is forecasting fully franked dividends of 70 cents per share in FY 2024 and 81 cents per share in FY 2025. Based on the current Lovisa share price of $25.10, this implies yields of 2.8% and 3.2%, respectively.

The broker has an add rating and $27.50 price target on its shares.

Suncorp Group Ltd (ASX: SUN)

Goldman Sachs is feeling positive about Suncorp and sees it as an ASX dividend share to buy.

Suncorp is the insurance giant behind a huge collection of brands. This includes AAMI, Apia, Bingle, CIL Insurance, GIO, Shannons, Terri Scheer, and Vero.

The broker believes that Suncorp is well-positioned thanks "in large part [to] the tailwinds that exist in the general insurance market." This includes "very strong renewal premium rate increases and the benefit of higher investment yields."

Goldman expects this to underpin fully franked dividends per share of 75 cents in FY 2024 and 82 cents in FY 2025. Based on the current Suncorp share price of $14.44, this will mean yields of 5.2% and 5.7%, respectively.

The broker has a buy rating and $15.00 price target on the company's shares.

Motley Fool contributor James Mickleboro has positions in Lovisa. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and Lovisa. The Motley Fool Australia has recommended Lovisa. 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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