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Tesla stock rose for the 11 trading sessions through Friday.

Patrick T. Fallon / AFP via Getty Images

Tesla stock fell on Monday, but probably not in response to the latest news about the electric-car market and how Wall Street views the company.

The stock (ticker: TSLA) was down about 5% in early trading and closed down almost 8%. The S&P 500 and Dow Jones Industrial Average both finished the day down less than 1%.

New competition from the Chinese internet giant Baidu (BIDU) could be on the minds of investors. Baidu and the Chinese auto maker Geely (175. Hong Kong) announced plans on Sunday to develop a smart EV. Yet Baidu’s EV aspirations have been known for a while. That stock rallied more than 15% Friday on speculation that it might make an announcement about EVs.

NIO (NIO) also offers more competition for Tesla now. The Chinese EV maker launched a luxury sedan called the ET7 on Saturday. That vehicle will go on sale in 2022.

Investors can’t blame Wall Street for the dip. Analysts continue to increase their targets for the stock price. Credit Suisse analyst Dan Levy raised his call to $800 from $400 on Monday, saying that new production capacity in Texas and Germany will lift deliveries to more than 850,000 vehicles in 2021. His peers, on average, predict a little less than 800,000 deliveries for Tesla in 2021.

Faster than expected growth is part of the reason for a higher target price. Levy extended his financial model out to 2030, when he sees Tesla delivering 5.1 million vehicles, up from about 500,000 in 2020. That works out to an average annual growth rate of about 26% for a decade. Despite the more bullish estimates, Levy maintained his Hold rating.

The competition and Levy’s higher target for the stock’s price probably cancel each other out.

That leaves the fact that Tesla stock has been soaring as perhaps the best reason for the latest decline. Coming into Monday, Tesla shares have been up for 11 straight days, adding about 34%, or more than $200 billion, in market value. The amount added over the past 11 days is roughly equal to what Toyota Motor (TM) stock is worth.

The shares are up about 16% this year, after gaining more than 740% in 2020.

Write to Al Root at allen.root@dowjones.com