PS3 price cut coming in February, reckons Michael Pachter

The PlayStation 3 and Xbox 360 are likely to receive a price cut in February, according to Michael Pachter, analyst with Wedbush Morgan Securities.

“I think the publishers are going to threaten the manifacturers, and they’re going to say “cut the price of the PS3 and the Xbox 360, now.” So my bet is: February, price cut happening, because I actually think the publishers are gonna threaten to not support PS3 and 360 this Holiday…Holiday ’14, if they don’t see a price cut quick,” said Pachter, during the latest episode of Bonus Round.

However, due to manufacturing cuts, both console makers can easily afford to slash the price of their respective last-generation hardware, says the analyst.

“The good news is: Microsoft can cut to 199 in a heart beat and won’t lose any money… I mean it’ll cost their profit. And Sony can do the same, they both have manufacturing down there, and I mean that’s great for consumers. There are still a hundred million Wii owners out there, probably three quarters of whom have never considered owning a PS3 or a Xbox 360. That’s a good opportunity for ten million or more of them to trade up, so that’ll be good.”

PS3 may be entering its eighth year on the market, but there’s still plenty of amazing titles out there for potential new adopters who aren’t quite ready to make the next-gen leap just yet.

Do you have any friends who might be tempted by a PS3 price cut this year? Give us a shout in the comments section below.