Mohawk Stock Gets an Upgrade by Cowen

New York, NY, Dec. 15, 2008--Cowen & Co has upgraded Mohawk Industries stock to "outperform."

"The stock is off 49%, or approximately twice the market's decline, in Q4," said a Cowen analyst.

"We believe the recent decline in oil prices could create significant margin opportunities to help offset large volume declines in 2009. We also believe that inventory reductions and a reduced capital spend will boost free cash flow in FY09.

"While demand has shown no sign of improvement to this point, we believe the company's solid management team has the aptitude and willingness to adjust the business to the current environment."