Analyst Michael Pachter Believes PS3 Price Cut will Increase Sales by 20-30%

Earlier today, Sony announced a price cut for the PS3, slashing it down from $300 to a compelling $250. With a competitive price point that is now $50 lower than the 250GB Xbox 360, one analyst is predicting a substantial sales increase for Sony’s game console.

In an interview with IndustryGamers, Michael Pachter of Wedbush Securities expressed his surprise with the PS3 price drop, having believed that Microsoft would be the first to make a move. Regardless, he thinks that the cut will do wonders for Sony in terms of sales.

Sales will definitely go up, probably by 20 – 30% per month compared to last year. If Xbox 360 sales suffer at all, I think they will follow suit.

The price drop is certainly a great move on Sony’s part, as the cheaper price tag will only propel them towards a more successful holiday season. Plus, with blockbusters like Uncharted 3 and Resistance 3 on the horizon, the $250 price tag feels like a steal.