In this market, CNBC's Jim Cramer most often sees "bargain" stock prices appear after the underlying company reports earnings, not before.
"But it's very hard to pounce on a stock that's getting clobbered right after it reports because the whole setup makes you question your own judgment," the "Mad Money" host said on Thursday.
The liquor manufacturer posted strong third-quarter results, boasting double-digit growth for nearly every brand except for its well known Jack Daniels whiskey, which grew by 5 percent.
Cramer was also encouraged by the company's margin expansion, premium brand growth ("where the real money is," he said) and success in international markets, which account for 50 percent of Brown-Forman's business.
But shortly after the report, Brown-Forman's stock fell under pressure, sliding from $56 a share to $52 before settling at $53 on Thursday. Cramer said some of the blame fell on the company itself and some on the market's overblown worries about tariffs.
First, Brown-Forman CFO Jane Morreau said on the post-earnings conference call that U.S. growth was slower due to a competitive environment — concerning commentary from a company posting double-digit gains.
The European Union's threat to place retaliatory tariffs on U.S. goods like bourbon didn't exactly help Brown-Forman's stock, either, Cramer said.
But the "Mad Money" host argued that the wind is still very much at Brown-Forman's back.
"You rarely get much of a chance to buy this stock at a discount. Brown-Forman has a great growth story," he said.
The company's brand development, pricing strategy, millennial appeal and industry-leading operating margins only support the bull case, Cramer continued.
Cramer admitted that Europe, where Brown-Forman does 25 percent of its business, could be a pain point if tariffs are implemented. But he asked investors to recall when Russian authorities cracked down on bourbon sales there in 2014, a moment of tension for Brown-Forman that turned out to be a great buying opportunity.
So for investors selling their shares in the liquor giant because of one-time European retaliation or slightly higher domestic competition, Cramer had to caution against their decision.
"The long-term prospects have never been brighter, and that's why I think the stock is such a bargain here at $53," the "Mad Money" host said. "In fact, I can only hope the stock goes down even more. Even if the EU really slaps a big import duty, say, on Jack Daniels, I bet it'll be a brief blip, and a few years down the road, you'll wonder how you ever got the stock of this iconic brand so cheaply."