The well known analyst firm Cowen and Company has recently done a report on the Sony PS3, and has consequently reduced its sales expectations after the disappointing sales of the console in 2008.

Cowen and Company expects Sony will sell around 4 million units in the US during 2009. This probably doesn’t sound like a lot, but it is down 2.25 million from the previous estimates of 6.25 million units.

However, there are expectations that sales will pick up marginally in 2010. The estimates believe there will be 4.5 million units sold in the region. According to data from NPD, the PS3 only sold 3.6 million units in the US during 2008.

Doug Creutz of Cowen and Company issued a statement to investors. He explained: “Following another year in which PS3 unit sales lagged behind the Wii and Xbox 360, it is now clear that Sony has failed to establish the PS3 as the console of choice among hardcore gamers this cycle. Although there appears to be a reasonably robust slate of games for the PlayStation 3 this year, Sony continues to lack a clear ‘must-own’ title that will drive sales, while its platform continues to be the most expensive in the market in the midst of a consumer slowdown. Meanwhile, highly publicised platform initiatives such as Home have failed to get off the ground.”

Conversely, Cowen and Company has upped its sales expectations for the Nintendo Wii. They expect the console to sell another two million units in 2009 and 2010, to 8 million and 6 million units, respectively. Creutz continued: “Nintendo’s software line-up for the platform continues to provide gamers with a more compelling value proposition with new first party hits such as Wii Fit and Wii Music and older titles such as Wii Play continuing to sell extremely well. Nintendo also seems to have ironed out supply constraint kinks that held back sales in previous years.”

Microsoft’s Xbox 360 will also, according to the analysis, widen its lead over the PlayStation 3 this year, with 4.25 million units sold, although expectations for 2010 remain the same at 4 million units.

“Microsoft’s Xbox 360 seems to have entrenched itself as the best value proposition for hardcore gamers,” said Creutz. “Additionally, with exclusive episodic content for Take-Two’s massive hit game GTA IV coming in 2009, as well as additional Halo franchise releases this year, we believe that the Xbox 360 is likely to widen its sales lead over the PS3 in 2009.”

Incidentally, in the hand held consoles report, expectations for DS sales in the US have also been adjusted upwards, to 7.5 million this year, and 6.5 million in 2010, while PSP sales have been dropped slightly to 3.5 million units in 2009, and 3.25 million in 2010.

Looks like 09 bodes well for Nintendo, but Sony had better come up with something good, and fast.

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