"It's all priced in. At 16 times forward earnings it trades at a discount to Burger King and Wendy's," he said. "I also think it hit a capitulatory bottom on Sept. 10 when it traded down to $90.53 on 12 million shares."
Adami recommended buying the stock at current levels and looking to take profits at $103 per share.
Year to date, shares of McDonald's are down about 4 percent.