[UPDATE] Microsoft has announced the 500GB Xbox One's price has dropped to $350 permanently. This permanent price point follows months of offering the console at that discounted price as a promotion.

　　Original story is below.

　　Wedbush Securites analyst Michael Pachter has said Microsoft and Sony are unlikely to announce price drops for the Xbox One and PlayStation 4 at E3.

　　Speaking in an investor note, Pachter offered his expectations for the upcoming conference, saying he believes Microsoft will offer more compelling bundles instead of dropping the price of its console.

　　"We do not expect price cuts for the Xbox One or PlayStation 4," he said. "We do not expect Microsoft to permanently cut the price of the Xbox One without Kinect from $399, instead focusing on compelling bundles with first- and third-party content, with some of the applicable games included as free pack-ins."

　　"Although the price of the Xbox One has been discounted by $50 for much of 2015, we believe that the price will revert back to $399 by the time that the holidays arrive, particularly if sales pick up," he continued.

　　Pachter believes Sony will use a similar strategy, as it has seen success with this model thus far and, according to Pachter, the PS4 continues to outsell the Xbox One, giving Sony little incentive to drop the price.

　　Cheaper prices for the Xbox 360 and PlayStation 3, however, may be announced. Pachter continued on to say drops of around $50 for the last-generation consoles are "long overdue."

　　Microsoft and Sony are both holding E3 press conferences on June 15. Take a look at our full E3 press conference schedule for further timing details.

　　For more on the show and GameSpot's coverage plans for it, check out the video below.

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