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PS3 price cut likely this week, analyst suggests

Pachter expects drop to $199 to coincide with PS4 reveal

Sony is likely to announce a PS3 price cut this week, according to industry analyst Michael Pachter.

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The Wedbush Morgan analyst told GamesIndustry.biz he expects Sony to drop the console's price to $199 on Thursday February 21, the day after the company holds its PS4 reveal event.

Pachter also forecast that Microsoft will follow suit and match the $199 price point with Xbox 360 by this year's E3 event in June.

The site points out that Sony briefly sold PS3 bundles for $199 during last year's Black Friday period, but that most bundles now retail for $299. Upcoming PS3 bundles include next month's God of War: Ascension offering.

Worldwide PS3 shipments reportedly hit 77 million in December 2012, surpassing those of Xbox 360.

Earlier today Sony announced a PS Vita price cut for Japan.