Exxon Mobil 's solid financials make a strong investment case for investors to load up on the oil stock going forward, according Jefferies. Analyst Lloyd Byrne assumed coverage of the oil stock and upgraded it to buy from hold, saying in a note to clients that Exxon is situated to outperform peers in the next five years given its strong financial position. "XOM is 'on the front foot' and we see attractive risk/reward, particularly for generalists needing energy exposure," he wrote, citing opportunities in both its upstream and downstream businesses. While trading at a premium to oil peers, Byrne said Exxon's good financials, including liquidity and strong balance sheet, warrant the current share price. The company's investment in long-term projects should enable Exxon to continue generating strong cash flows while also funding consistent dividend growth delivered to its shareholders and its stock repurchasing plan through 2023. "Cash flow growth guidance achievable driven by cost reduction and portfolio high-grading, even in the backwardated commodity environment and lower than consensus downstream earnings," he said. Exxon's shares have soared nearly 65% this year as oil prices rise. The fresh $133 price target suggests shares can rally 32% from Tuesday's close. — CNBC's Michael Bloom contributed reporting.