Sony and Microsoft are reluctant to slash the price of their PlayStation 3 and Xbox 360, respectively, as both companies are waiting to see the final price of the upcoming Nintendo Wii U, according to analyst Michael Pachter.

E3 2012 took place this week and, while plenty of big announcements were made, none involved the oft-rumored price cuts for the PlayStation 3 or Xbox 360.

This is largely due to Nintendo’s reluctance to pin a price on its upcoming Wii U home console, according to Wedbush Securities analyst Michael Pachter, who believes that Sony and Microsoft will unveil discounts once Nintendo makes its move.

"I think both Microsoft and Sony are waiting to see Wii U pricing. If it is over $300, they don't need to cut," Pachter told CVG. "When Nintendo makes a move, they [Sony and Microsoft] will respond accordingly.”

Pachter also ruled out a potential PlayStation Vita price cut in the near future, saying that Sony might make a discount at the end of the year or the beginning of 2013.