Here Are The Top 5 Priorities For Apple, According To Top Apple Analyst Gene Munster

1. iPhone
2. iOS
3. Apple Watch
4. Mac
5. Emerging

What's missing? The iPad.

"We believe that at this point, the iPad is largely just an offshoot of iPhone in that the iPad does not have any significantly unique features that iPhone does not other than a larger screen," said Munster in a note for clients. "While this may seem a negative view on iPad, it is not meant as such and more of a commentary on the power of the iPhone and iOS that it extends to create a sub-segment that is ~13% of Apple's core business."

So, why does he think those other categories are important?

• The iPhone, because, duh, Apple is the iPhone company. Apple's stock swings higher or lower depending on iPhone sales.
• iOS, because according to Munster, it is "the future of the company." iOS is the operating system that powers the iPhone, the iPad, the Apple TV, and the Apple Watch. It is at the core of Apple's biggest new products. It also is the base for future expansion into home automation and health. Moreso than hardware design, iOS is what's separates the iPhone from an Android phone.
• The Apple Watch is Apple's first new product category since the iPad, and it's Apple's first stab at wearable computing. Munster also thinks it could be massive down the road: "Today the Watch is an accessory for the iPhone, but we believe core features like calls, voice control, messaging, etc. could be controlled via a Watch, implant, light field technology or other evolving technology, leaving the smartphone as we know it irrelevant. Therefore we believe that Apple's foray into wearables via the Apple Watch may be more important in them figuring out how wearables will change the smartphone market than it is as an individual business line in the next couple of years."
• The Mac is a bigger part of Apple's business than the iPad, and it's growing. Munster thinks Apple can be a little more creative with the Mac as opposed to the iPad. The iPad is just a bigger iPhone, whereas the Mac is its own product.
• Emerging products are things that haven't even been rumored yet. Munster, because he's Munster, thinks Apple will eventually do something in television. "Fundamentally, we believe that Apple looks for areas in which they can deliver great experiences by marrying hardware and software. We believe television is the most obvious and most significant remaining market opportunity." But, if not television, then it has to be something else. Apple is always looking for the next major opportunity.