PS3 price cut due this week, says analyst

Wedbush Morgan analyst Michael Pachter has said he expects Sony to cut the price of PlayStation 3 this week.

Speaking with, Pachter predicts that the console will be lowered to $199 on February 21.

This just so happens to be the day after Sony hosts the PlayStation Meeting in New York City, where it is expected the company will reveal the PlayStation 4.

Similarly, the analyst also predicts that Microsoft will slash the cost of its Xbox 360 console by June. will be hosting a live stream of the PlayStation Meeting this Wednesday, so be sure to tune in for all the latest information as it breaks.