THQ CEO Brian Farrell says he expects Sony to drop the price of the PS3 during 2009, but predicts such a move won’t occur until after E3 in June.

“The challenging platform obviously is the PS3,” he said during THQ’s post-earnings release conference call, transcribed by Seeking Alpha. “The right people to ask about price cuts there are Sony. We are not expecting a price cut at E3 but we do expect one later in the year but again, that’s just our guess - that’s not based on any knowledge from Sony.”

He also said that Xbox 360 was showing pleasing sales momentum at its current price point and that there was some “softness” in the Wii market.

“We are pleased with Microsoft’s momentum at their price point. We are seeing a little softness in the Wii which we kind of think of the glass as half full here, in that the Wii has been going for an unprecedented amount of time without a price reduction, so we just may be seeing both some economic [factors] and the fact that they’ve already got a pretty substantial installed base at their original price point.”