UPDATE 1-Volkswagen denies risk of missing its targets
* Magazine had said CFO warned VW could miss its targets
* VW says magazine has no foundation
* Says sticks with outlook
* VW shares down 2.3 pct, underperform market (Recasts with company's denial, adds further details on financial target)
FRANKFURT, Sept 19 (Reuters) - Volkswagen denied a report that Europe's biggest carmaker was at risk of missing its financial targets, saying it was fully committed to its outlook.
"Volkswagen AG sticks with its statements on the future development of the company's business," the carmaker said on Thursday.
German magazine Manager Magazin earlier cited company sources as saying Volkswagen's Chief Financial Officer Hans Dieter Poetsch had warned VW managers that the company might fall short of its targets.
Higher than expected costs for VW's new modular assembly architecture (MQB) are weighing on profit margins, Manager Magazin had said, citing company sources.
It had also said that several new models such as the Touran van and the Tiguan compact SUV were expected to be less profitable than previous versions of the models.
Volkswagen said the report was "without any foundation".
Shares in Volkswagen turned negative on the report and traded 2.3 percent lower at 176.90 euros by 1425 GMT. They were the second-biggest decliners on Germany's blue-chip DAX index , which was up 0.5 percent.
VW wants to surpass General Motors Co and Toyota Motor Corp to become the world's biggest carmaker by no later than 2018, aiming to sell more than 10 million cars per year.
It also aims to boost its group pretax profit margin to more than 8 percent by 2018 from 6 percent last year. (Reporting by Maria Sheahan; Additional reporting by Jan Schwartz and Elaine Hardcastle)
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