Rating on GM stock is lowered

General Motors Corp. had its stock reduced to “underperform” by Credit Suisse Group AG on concern that concessions to win a U.S. bailout would mean the “complete or near-complete elimination” of existing GM equity.

The 12-month price target on shares of GM was cut in half to $1 by Christopher Ceraso, a Credit Suisse analyst in New York. Ceraso previously rated GM shares “neutral.”