Pachter: PS3, Xbox 360 cuts likely at E3

Wedbush Securities analyst Michael Pachter has rolled out his notes and predictions on console hardware sales, including the possibility of price cuts for the PS3 and Xbox 360 as soon as E3.
The price reduction predictions stem from lagging sales from both consoles; and even with the cuts, Pachter expects sales to be down during the upcoming holiday season.
"We expect hardware sales to rebound once price cuts are implemented, but expect a recurrence of the dip next holiday, partially buffered by some modest contribution from the introduction of the PS Vita in February and the Wii U later this year,” Pachter stated as part of the Wedbush NPD March preview.
The analyst added he doesn’t expect a next-gen announcement from Microsoft arriving before the Xbox 360 dips below $200.
“Recent slowing of Xbox 360 hardware sales could cause Microsoft to consider a price cut by E3. We do not expect an announcement of a next- generation console from Microsoft until the Xbox 360 core model is priced below $200, likely around this time next year.
“PS3 hardware sales should continue to lag those of the Xbox 360, and we expect sales to trend downward by 10 - 20% monthly, until Sony cuts prices once again, likely at E3."
E3 2012 takes place June 5th-7th in Los Angeles.

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