Buy these ASX dividend shares with ~5% to 8% yields

Analysts think these dividend shares are in the buy zone right now.

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Do you have room for some new ASX dividend shares in your income portfolio?

If you do, then it could be worth looking at the three names in this article.

That's because analysts think they are in the buy zone and destined to provide investors with some very attractive dividend yields.

Here's what they are forecasting from them:

Aurizon Holdings Ltd (ASX: AZJ)

Analysts at Ord Minnett think that Aurizon could be an ASX dividend share to buy. It is a rail freight operator with a network spanning thousands of kilometres. With this network it transports a range of commodities, including mining, agricultural, industrial and retail products for a diverse range of customers across Australia.

The broker is positive on the company due partly to its belief that coal usage in China and India will continue to keep Aurizon busy for a long time to come. The broker expects this to underpin partially franked dividends of 18.6 cents per share in FY 2024 and then 24.4 cents per share in FY 2025. Based on the current Aurizon share price of $3.69, this will mean dividend yields of 5% and 6.6%, respectively.

Ord Minnett has an accumulate rating and $4.70 price target on its shares.

Charter Hall Retail REIT (ASX: CQR)

Another ASX dividend share that analysts are bullish on is the Charter Hall Retail REIT. It is a property company with a focus on supermarket anchored neighbourhood and sub-regional shopping centre markets.

Citi likes the company due partly to its inflation-linked rental increases. It is expecting this to underpin dividends of 28 cents per share in both FY 2024 and FY 2025. Based on the current Charter Hall Retail REIT share price of $3.38, this will mean very large yields of 8.3%.

Citi has a buy rating and $4.00 price target on its shares.

Eagers Automotive Ltd (ASX: APE)

A third ASX dividend share that analysts are tipping as a buy is Eagers Automotive. It is the leading automotive retail group in Australia and New Zealand.

Bell Potter believes that recent share price weakness has created a buying opportunity for income investors. Especially given its expectation for above-average dividend yields in the near term.

It is forecasting fully franked dividends of 64.5 cents per share in FY 2024 and then 73 cents per share in FY 2025. Based on its current share price of $10.89, this represents dividend yields of 5.9% and 6.7%, respectively.

The broker has a buy rating and $13.35 price target on its shares.

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