Analyst: Nintendo to cut Wii price

Broadpoint AmTech analyst Ben Schachter has predicted a Wii price drop after the Nintendo console's modest July sales figures.

According to statistics from NPD Group, the system recorded its lowest sales since its launch in November 2006, with Schachter predicting that the platform holder will respond by lowering its price.

"Although Wii Sports Resort sold well, it appears to have offered little lift to Wii hardware sales, increasing the probability in our view that Nintendo must lower the price soon (we expect a September cut)," he said.

Nintendo president Satoru Iwata has previously denied reports that his firm are considering a Wii price reduction, attributing the low sales to a weaker software line-up during the console's first quarter.

The Wii, which still holds its launch price, sold 252,000 units in the US for July.