Wedbush Morgan analyst Michael Pachter spoke with GamesIndustry International. He expects Sony to drop the price of the PlayStation 3 to $199 on Thursday February 21. This is the day after Sony is expected to unveil the PlayStation 4 in an event in New York City.
Pachter also expects Microsoft to follow suit by this year's E3 in dropping the price of the Xbox 360.
Sony announced earlier today that it is cutting the price of its handheld, the PlayStation Vita, on February 28th in Japan. The price for both the WiFi and 3G will both be priced at 19,980 Yen.