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Sell, €100: Reacting to the Handelsblatt report, analyst Patrick Hummel of UBS said he has always been skeptical about the cost-cut initiatives at the Volkswagen Brand. He pointed out that the positive net effects of the cost-cuts could have offset the burden of complying with the CO2 regulations. Hummel added that he sees considerable risks here. He’s also concerned that the level of investments is still high and there was no downward trend in fixed costs in the first-half.