The firm set a price target of $96 for the stock.
ExxonMobil is up 0.4% to $97.78 in premarket trading on Wednesday.
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Jefferies analysts expect a low compound annual growth rate (CAGR) compared to industry peers over the next decade.
"We expect that Exxon can generate a CAGR of about 1% in production through the end of the decade, and that EPS and CFPS will grow at a CAGR of about 3% over the same period - modest given current valuations," Jefferies said in the note. "We believe that Exxon is relatively expensive compared to peers."
Separately, TheStreet Ratings team rates EXXON MOBIL CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXXON MOBIL CORP (XOM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, increase in stock price during the past year and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."