McDonald's has been stuck in slow motion for a number of years, but if it makes the right moves, it could produce some positive changes in the marketplace, analyst Bob Derrington said Friday.
The fast-food chain's most recent attempt at a turnaround rests with its all-day breakfast plan. According to USA Today, McDonald's is expanding its all-day breakfast test to Mississippi after finding success at its San Diego locations. Next month, it will hit Nashville, the paper said.
But for Derrington, restoring McDonald's will take a lot more than offering Egg McMuffins throughout the day.
"The food McDonald's serves gets a lot of low scores from a lot of different rating agencies …They built a business on convenience and value," the senior restaurant analyst for Wunderlich Securities said in an interview with CNBC's "Closing Bell."
He thinks McDonald's needs to make the food more relevant, whether that means switching to antibiotic-free chicken, a better quality burger or introducing breakfast bowls.
"That's where I think the real opportunity for McDonald's comes," Derrington said.
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McDonald's has struggled to stabilize its business and improve results for the past several quarters and is now in the midst of a turnaround plan. Earlier this month, CEO Steve Easterbrook warned the process will be "bumpy and uneven."
On Thursday, the company this year in the U.S. than it opens. That hasn't happened since at least 1970, according to an Associated Press review of McDonald's regulatory filings. However, a McDonald's rep said the reduction would be minimal.
Portfolio manager Jordan Posner believes the brand will maintain relevance and thinks its breakfast expansion is a step in the right direction.
"There are a number of things that they're bringing into play for the consumer to make that experience better. Not all of them are going to work, but some of them will," the managing director and senior portfolio manager at Matrix Asset Advisors told "Closing Bell."
"The tide should accumulate, and we think that that can lead to an imposed consumer experience, which should lead to improved profitability and stock performance."
—CNBC's Katie Little and the Associated Press contributed to this report.