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

What is a Stop-Limit Order and When Should You Use It?

What is a Stop-Limit Order and When Should You Use It?

Starbucks Shares Gain as Investor Day Highlights China Growth Ambitions

Starbucks Shares Gain as Investor Day Highlights China Growth Ambitions

Real Money Video Wrap: GE Jumps as Analysts Look to Price in Bottom

Real Money Video Wrap: GE Jumps as Analysts Look to Price in Bottom

Adobe Tops Q4 Sales Forecasts, Sees $11.1 Billion in 2019 Revenues

Adobe Tops Q4 Sales Forecasts, Sees $11.1 Billion in 2019 Revenues

Stocks End Indecisively, General Electric Rises, Key Trends You Need to Watch

Stocks End Indecisively, General Electric Rises, Key Trends You Need to Watch