Sony to cut PS3 by October 1 if sales don’t pick up, says Pachter

Wedbush Morgan’s Michael Pachter has said that he believes Sony will slash the price of PlayStation 3 by October 1, 2009 should hardware sales in the U.S. continue to decline.

The analyst predicted that PS3, Wii and Xbox 360 sales for the North American region will record a year-on-year decline of 43 percent in June.

“We think that the console manufacturers will therefore be forced to consider a price cut before year-end, with Sony cutting the PS3’s price by October 1,” said Pachter during a note today.

“Further, we do not think that Nintendo’s hardware forecast figures are achievable without a price cut, and we expect one around the same time as the PS3 price cut.”

Pachter predicts a price drop of approximately $50 USD from both Nintendo and Sony for their respective games consoles, though he noted Sony is also likely to throw in a software bundle too.

“It is likely both manufacturers will cut by $50, with Sony making up any lack of increased demand with a software bundle."

“We expect Microsoft to follow suit, giving us confidence that US software sales will grow later in the year, notwithstanding negative sales in the early part of the year.”

June NPD figures will be released on Thursday, so stay tuned.