Jefferies India has told investors to buy a hotel stock despite its negative year-to-date return, arguing it offers about 15 percent upside.

The brokerage’s top pick call stands out in a market where hospitality shares have lagged broader indices this year. Jefferies sees earnings recovery and valuation support ahead for the name it has selected.

The call reflects a wider hunt for value in domestic consumption plays. Analysts note that hotel demand in India has stayed firm on the back of weddings, business travel and tourism, even as some stocks have corrected.

Jefferies’ target price implies the stock can recover its losses and then some, assuming demand trends hold through the coming quarters.

As always with brokerage calls, the recommendation is aimed at institutional clients and carries the usual risks of market timing. With new room supply arriving slowly, pricing power for branded hotels remains healthy into the coming quarters.