Currently Online 
It doesnt need one at least not yet. This holiday should have some great deals, anywhere up to $100 off or packed with 2-3 games are very possible.
Another thing to consider is people buying PS4/One at launch arent likely even considering a Wii U this holiday so a price cut wont deter people from getting those consoles.
Also we have no idea what PS4/One will sell after the holidays, its possible they will have sluggish post launch sales due to majority of there games being available on PS360 and the exclusives arent known to be huge sellers.
Its like this time last year everbody was saying PS360 needed a price cut to counter Wii U, instead they used awesome holiday deals/bundles and early this year Wii U sales fell dramatically so a not doing a price cut was wise.
I think the best time to do a price cut would be next spring when Mario Kart 8 releases, by then they will know what PS4/One baseline sales are, will likely be able to cut price and still sell at a profit by then and a $299 Mario Kart bundle could be huge.
When the herd loses its way, the shepard must kill the bull that leads them astray.
