McDonald's (MCD) delivered a mixed Q2 as its beverage rollout tracked ahead of expectations, but US execution and World Cup-related sales fell short, RBC Capital Markets said.

Germany, which has the full beverage lineup, is seeing gains in traffic, average check and restaurant cash flow, with US energy beverages set to launch in August, the brokerage said Tuesday.

RBC said US execution missteps and a weaker World Cup campaign weighed on second-quarter results, with July US comparable sales turning slightly negative.

Management also pushed back its 50,000-unit global growth target to 2028 from 2027, which the firm said was largely expected, citing continued China macro softness as a headwind to future unit growth.

RBC kept a sector perform rating on the stock and cut its price target to $295 from $305.

Shares of McDonald's were up 1.7% in Wednesday afternoon trading.

Price: 272.90, Change: +4.56, Percent Change: +1.70