Needham’s Charlie Wolf quits the Apple $700 club by Philip Elmer-DeWitt @FortuneMagazine August 12, 2013, 1:58 PM EST E-mail Tweet Facebook Google Plus Linkedin Share icons Click to enlarge. FORTUNE — In September 2012, when Apple AAPL was selling for over $700 a share, more than half the analysts we track had price targets in the $750 to $900 range. By Friday, only two were still at $700 or higher, and on Monday, one of them — Needham’s Charlie Wolf — lowered his Apple target from $700 to $595 (That left Topeka’s Brian White all alone at $888, down from his all-time Street high of $1,111.) Wolf is not your typical Apple analyst. Some of his colleagues change their price targets with every shift in the prevailing wind and never offer more than a sentence or two by way of explanation. Not Charlie Wolf. He reviews his Apple price target only twice a year, in February and August, and if he changes it — as he did on Monday to reflect what he calls a “more hostile competitive environment” — he tells you exactly why. His chart-heavy note to clients Monday runs more than 4,380 words long and breaks down his valuation by product line (see his Figure 1 above). The key bullet points: (I quote) The largest percentage decline — 42.3% — was in the Mac segment as the negative impact of tablets on PC sales became increasingly apparent in the first half of the calendar year. The iPad experienced the next largest decline — 37.2% — to reflect the decline in the average selling price of iPads as buyers shifted from the 10 inch to the lower margin 8-inch model. The value of the iPhone declined 15.4%, reflecting a more competitive global environment. Expectations for the iPhone are in a sense binary. If Apple continues with a single high-end model, the iPhone’s market share is likely to decline further. In the event that Apple introduces a less expensive and/or larger iPhone targeting emerging markets, the phone’s share would likely increase. But a decline in the iPhone’s gross margin that would accompany such a move could offset much of the growth in unit sales. iTunes, software and services and accessories experienced a nominal decline in value, reflecting a shift in the mix of revenues from high margin software to lower margin content and services. Below: The analysts’ individual price targets. Eleven months ago the median target was $770. Today it’s $530.