"Clearly, Sony is emerging from E3 on stronger footing, contrasting the PS4 against the more pricey Xbox One," Robert W. Baird analyst Colin Sebastian said in a note to investors today.

Sebastian pointed out that the PS4 is currently outselling the Xbox One on Amazon and GameStop, but said that if Sony wants to maintain its edge, it must "engage gamers proactively" with new software announcements.

Concerning the Xbox One, Sebastian said sentiment surrounding the platform is "mixed," due in part to backlash over its .

Microsoft's Xbox One will , but the company may offer alternative pricing options, Sebastian said, referring to subsidized models.

"Also, with Microsoft positioning Xbox One as a premium entertainment hub, we believe there is still an opportunity to salvage the launch, for example, through alternative pricing plans," he said.

Earlier this week, Xbox boss Phil Spencer suggested that Microsoft was considering leveraging its paid Xbox Live service to "meet consumer price points."

"The nice thing about Xbox Live is consumers do see value in it; they continue to sign up; they continue to grow," Spencer said. "And I think that diversity of business models to both meet consumer price points and different services that they're integrating their Xbox experience with is something that we definitely look at."

Sony is also exploring ".

The Xbox One and PS4 will both launch later this year.