• While CNBC's Jim Cramer said he's willing to consider that investors may have been too pessimistic about alcohol stocks, he's not ready to lend his full support to many of these companies.
• "I'm too concerned about the long-term challenges to pound the table on any of these names, especially Brown-Forman or Diageo," he said. "But I'm also open to the idea that we've simply gotten too negative on the group."

CNBC's Jim Cramer on Friday revisited alcohol stocks, a sector he's been largely negative on throughout the year. While he said he's willing to consider that investors may have been too pessimistic about the industry, he's not ready to lend his full support to many of these companies.

"I'm too concerned about the long-term challenges to pound the table on any of these names, especially Brown-Forman or Diageo," he said. "But I'm also open to the idea that we've simply gotten too negative on the group."

According to Cramer, alcohol companies face a number secular challenges, such as changing trends in consumer behavior. Popular weight loss medications could curb alcohol cravings, while members of Gen Z tend to drink less than other generations, he said.

But some positive developments over the past few days could could indicate a bottom in the group, Cramer said. Brown-Forman recently posted a better-than-expected report after missing estimates over several consecutive quarters, with pockets of strength in some of its bourbon and rum brands. While Cramer said he found these results encouraging, he reminded investors that high import tariffs under President-elect Donald Trump could lead other countries to put their own tariffs on American brands like Brown-Forman's iconic Jack Daniels whiskey.

Cramer also pointed out that several analysts upgraded a number of alcohol stocks, including Diageo — which owns liquor names like Ketel One and Smirnoff — as well as beer makers Molson Coors and Constellation Brands. The industry had also faced a destocking issue that now seems to be under control, he added, so investors may soon find out whether the stocks' weakness was temporary or more permanent.

Still, he said, the open-ended challenges plaguing the industry as a whole are worrisome.

"If we see some signs that younger people are drinking more or the GLP-1s aren't having as much of an effect or impact on alcohol, then I'll happily change my mind on both Brown-Forman and Diageo," Cramer said. "But until then, you know what? I got to stay on the sidelines."

Brown Forman and Diageo did not immediately respond to requests for comment.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Constellation Brands.

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