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The "Fast Money" traders debated which spirits stocks are a good safety trade ahead of the Brexit referendum vote, considering how names like Constellation Brands have outperformed the S&P 500 Index. Over the past three years, Constellation has gained more than 207 percent, whereas the benchmark index has only gained 31 percent.
Trader Guy Adami said that the valuation of Molson Coors Brewing Company is "reasonable."
"In any environment, I think Molson Coors is a buy," he said.
Trader Tim Seymour said Diageo is a "stock that was been beaten silly" on Brexit fears, but rallied as those fears eased. Seymour added that he thinks it's a stock that investors can stay in.
In the rest of the spirits sector, Seymour said that Constellation Brands has rallied after Anheuser-Busch InBev's "takeovers made divestitures come their way." Brown-Forman is another name Seymour likes in developed markets.
Guy Adami is long CELG, EXAS, GDX, INTC. Guy Adami's wife, Linda Snow, works at Merck.
Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
JD call spread Long PFE Long TWTR, IWM long Sept put XLF long Sept Put spread XLK long Sept Put spread FXI long Aug put spread SMH long Aug put spread, long PYPL call calendar, long TLT Sept risk reversal, XLV July calls, long C Sept puts, BABA June/Aug put spread
Tim Seymour is long AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN, XRT