Brown-Forman (BF.B) stock jumped nearly 3% Wednesday afternoon after the liquor company raised its guidance for the first time in more than six years, according to JPMorgan analyst Peter Grom.

The company raised its outlook by a nickel to forecast earnings between $1.85 and $1.95 per share this year on stronger-than-expected fiscal first quarter financial results.

The rosy outlook comes amid favorable foreign exchange trends, lower tax rates and optimism for new Jack Daniels whiskies mixed with strong tequila portfolio growth. Sales in the U.S., foreign and emerging markets all beat JPMorgan estimates.

More of What's Trending on TheStreet:

More from Stocks

3 Software Stocks Now Available at a Discount

3 Software Stocks Now Available at a Discount

EOG Resources Is the Stock to Own in This Crude Oil Rally

EOG Resources Is the Stock to Own in This Crude Oil Rally

Why Big Mergers Are Still Happening Even With Stocks at Record Highs

Why Big Mergers Are Still Happening Even With Stocks at Record Highs

An Alibaba Trade Setup Off Weekly Support

An Alibaba Trade Setup Off Weekly Support

Accenture Has Nearly Reached a Point & Figure Target; Raise Sell Stops

Accenture Has Nearly Reached a Point & Figure Target; Raise Sell Stops