McDonald's shares hit an all-time intraday high Tuesday in large part because of its all-day breakfast menu, Barclays restaurant analyst Jeffrey Bernstein said.
The stock traded as high as $131.96 and closed at $131.60, up 0.6 percent.
All-day breakfast has been the major component lifting the previously underperforming chain, but it's not the only component, Bernstein told CNBC's "Squawk on the Street." New products, like bratwurst in Milwaukee and garlic fries in San Francisco, have caught customer attention. The ongoing transition to cage-free eggs and improvement of protein quality have also helped to sustain the momentum.
The fast-food giant's stock has also benefited from solid quarterly results. McDonald's last month reported first-quarter earnings of $1.23 per share, on $5.9 billion in revenue versus Reuters' estimate of $1.16 per share on $5.83 billion in revenue.
McDonald's will continue to grow, Bernstein added. "I don't expect it to be necessarily an investor's best performer, but in this environment, it's large, liquid with a healthy dividend, and I think the fundamental momentum is there. I think you'll see comps remain strong in the near term. I think there's an earnings upside."