Microsoft Corporation (NASDAQ: MSFT) celebrated a major victory in November after NPD announced that Xbox One had sold 1.2 million units.

Curiously, no specific sales figures were provided for PlayStation 4, but Sony Corp (NYSE: SNE) was thought to have sold between 750,000 and 800,000 units.

This news inspired countless headlines that all but indicated that Microsoft had become the industry's new leader. Is that actually the case?

"Bundling, price cuts and a good lineup of games…put some fuel in the Xbox engine," FBR Capital Markets analyst Daniel Ives told Benzinga.

Related Link: 3 Companies That Should Grab Xbox Entertainment Studios

1 Out Of 13

Thus far, Xbox One has only led the market for one out of the last 13 months.

Price Cuts, Free Games And More

"I doubt that Xbox will stay ahead once price reverts back to $399 in January," Wedbush analyst Michael Pachter told Benzinga.

Xbox One initially started at $499 with Kinect included. Sony has maintained its starting price ($399), but bundles and various Black Friday deals have sweetened the deal.

"I believe Microsoft can keep up the momentum this holiday season and help further close the gap versus Sony/PS4," according to Ives.

Ives said that the "jury is still out" regarding which console will win, but said that "Xbox has come out swinging heading into Christmas."

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.