Bernstein believes that Volkswagen will not have to pay a fine of more than $7.4B to the EPA. However, the firm adds that the automaker faces other potential liabilities, including fines by European countries and U.S. states, and lawsuits by consumers. Bernstein believes that Volkswagen will raise new capital if its costs exceed about EUR10B. It notes that the company can only raise about EUR8B by issuing new preferred shares, an would have to issue new ordinary shares in order to raise more than EUR8B. However, Bernstein continues to believe that the company has "significant strengths and attraction," as well as potential growth catalysts and cost reductions. It keeps an Outperform rating.