Apple could be better poised to sell its own television set, according to one analyst, following a recent report that the tech giant plans to release an online TV service.

The Wall Street Journal reported Tuesday that Apple is planning to launch its online TV service this fall, citing anonymous sources.

Television content has been a major hurdle for Apple in its reported plans to sell its own television, Piper Jaffray Senior Research Analyst Gene Munster said in a report Tuesday. Munster, who has been expecting Apple to make its own TV set for some time, now says it will be announced in 2016.

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"While recent media reports question Apple's interest in an actual television, we continue to believe it is the most logical next area of focus," Munster wrote.

He estimates that 60 percent of the approximately 22 million televisions sold in 2014 were connected TVs, and if Apple sold 10 million televisions in the 2017 calendar year, it could bump up the company's revenue by about 7 percent.

Munster has an overweight rating on Apple's stock and a price target of $160. It was trading above $127 around midday Wednesday.

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In an interview, Munster told CNBC he also sees Apple coming out with an augmented reality device.

"Think of this as Google Glass that you'd actually want to use, and you can get real value out of it. They wouldn't have kind of the geek creep type of factor that the Google Glass had," Munster told CNBC.

"This could be the next evolution of computing. This could be a really big deal, but it's going to take a long time," Munster said.