Don't count Sony out just yet. Lazard Capital Markets analyst Colin Sebastian recently told investors that despite the modest sales trends for the PS3 in North America, the platform's strong upcoming software lineup may turn things around.

Sebastian gave out Metal Gear Solid 4, LittleBigPlanet, and Resistance 2 as examples. He also noted that Sony's home video game console may benefit from "the late 2008 rollout of more robust online services" along with Blu-ray's victory, a prolonged console cycle, and the potential migration of PS2 owners.

A price cut for this year doesn't seem likely according to Sebastian, however, as he expects Sony to focus more on increasing profitability for their PlayStation segment. Sebastian has expressed similar sentiments in the past, as opposed to fellow analyst Michael Pachter, who has said that a PS3 price drop is imminent.

Sebastian also pointed to a possible "refresh" of Sony's PlayStation Portable handheld gaming console. The analyst did not indicate if he was talking about a new SKU or if he meant additional features introduced for the handheld.