Target Ad Suggests Xbox 360 Price Cuts Imminent

New advertisements from retailer Target seem to put an end to speculation on whether Microsoft will follow Sony's $100 PlayStation 3 price cuts with reductions of its own. Tech weblog Engaget has gotten hold of Target advertisements confirming widely-rumored price cuts for both the Xbox 360 Pro and higher-end Elite SKUs. It appears the Pro will see a new $250 price point, while the Elite, just like the PS3, will be reduced to $299. The ads are scheduled to begin running this Sunday, which suggests an announcement from Microsoft is imminent. Analysts had expected the company to respond to it's rival's unveiling of the $299 PS3 Slim in the near future, as Sony's move effectively created a new pricing standard for consoles ahead of the holiday. Some consumer media reports have claimed that Microsoft will aim to phase out its Pro SKU altogether, leaving the family-oriented, basic $199 Arcade SKU as the single alternative to the highest-end Elite model. But for now, with the Xbox 360 Pro SKU at the same price as the Wii despite its greater tech sophistcation and more features, analysts have suggested that these price moves on the part of both Microsoft and Sony place increasing pressure on Nintendo as its hardware sales have begun to lag.