Nov. 13 (Bloomberg) -- Goldman Sachs Group Inc. dropped its coverage of General Motors Corp. shares, saying the largest U.S. automaker may need $22 billion of new capital and it's ``highly uncertain'' Congress will pass a bailout package this year.

``There is not currently a sufficient basis for determining an investment rating or price target for this company,'' Goldman analyst Patrick Archambault wrote in a research note today. ``Given GM's large capital requirements, we believe a new government assistance program is most likely. The ability of Congress to pass such a measure this year is highly uncertain.''

Separately, JPMorgan Chase & Co. analyst Himanshu Patel downgraded GM shares to ``neutral'' from ``overweight'' in a research note today, citing ``the ambiguity of the government aid structure, and particularly its potential dilutive impact on equity.''

GM shares gained 14 cents, or 4.5 percent, to $3.22 in early New York trading at 6:21 a.m. today. The stock dropped 88 percent this year through yesterday.

To contact the reporter on this story: Michael Patterson in London at mpatterson10@bloomberg.net.

Last Updated: November 13, 2008 06:35 EST