The rainy weather throughout Memorial Day weekend put a damper on beverage sales, according to a note from Wells Fargo Securities. 

In total, beverage sales rose 3.5% over the holiday weekend, which was down from a 4.5% gain during Memorial Day weekend of 2017.

Analysts said lower sales can be attributed to higher gas prices and above average rainfall. 

Gas prices "approached the critical $3/gal threshold across much of the U.S." and rainfall was reportedly up "30% nationwide vs. historical norms," Wells Fargo said in a note on Monday, June 4.

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But Wells Fargo said beer sales "continue to be a longterm growth spot," which suggests that where other beverage companies may be worried about sales, beer sales are "inelastic in the face of pressured consumers."

Constellation Brands Inc. (STZ) - Get Report outperformed over the weekend as imported beer sales were strong.

"STZ remains our best beverage stock pick given its strong portfolio of brands that have momentum and are gaining incremental space," said Wells Fargo.

Constellation rose slightly early Monday.

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