Forget CBA and buy these ASX dividend stocks

Commonwealth Bank of Australia (ASX: CBA) shares are a popular option for income investors.

But with many analysts saying that the banking giant's shares are overvalued at current levels, it may not be the best pick right now.

But which ASX dividend stocks could be good alternatives? Let's take a look at three:

Challenger Ltd (ASX: CGF)

This annuities company could be an ASX dividend stock to buy right now according to analysts at Goldman Sachs.

The broker likes Challenger due to its "exposure to the growing superannuation market" and its belief that "higher yields should drive a favorable sales environment for retail annuities."

In respect to income, Goldman is forecasting fully franked dividends of 26 cents per share in FY 2024 and then 27 cents per share in FY 2025. Based on the current Challenger share price of $6.82, this will mean dividend yields of 3.8% and 4%, respectively.

Goldman currently has a buy rating and $7.50 price target on its shares.

Healthco Healthcare and Wellness REIT (ASX: HCW)

Another ASX dividend stock that could be a good option for income investors is the Healthco Healthcare and Wellness REIT.

It is a real estate investment trust with a focus on healthcare and wellness assets. This includes hospitals, aged care, childcare, government, life sciences and research, and primary care and wellness properties.

Morgans is very positive on the company and believes it is well-placed to pay dividends per share of 8 cents in FY 2024 and then 8.3 cents FY 2025. Based on the current Healthco Healthcare and Wellness REIT unit price of $1.08, this will mean yields of 7.4% and 7.7%, respectively.

Morgans has an add rating and $1.50 price target on its shares.

Telstra Group Ltd (ASX: TLS)

Analysts at Goldman Sachs also think that income investors should buy Telstra shares.

It continues to see a lot of value in the telco giant at current levels. Particularly given its low risk growth.

In addition, it is expecting some good yields from its shares. The broker is forecasting fully franked dividends of 18 cents per share in FY 2024 and then 18.5 cents per share in FY 2025. Based on the current Telstra share price of $3.70, this equates to yields of 4.9% and 5%, respectively.

Goldman has a buy rating and $4.25 price target on the ASX dividend stock.