Nokia has unveiled its latest Lumia smartphone — the Lumia 1020, which is equipped with a 41-megapixel camera, in its latest bid to catch up with rivals Samsung Electronics Co., Ltd. (LON:BC94) (KRX:005930) and Apple Inc. (NASDAQ:AAPL).

Nokia Lumia 1020

The 41-megapixel camera records more detail than other camera phones and even tops point-and-shoot cameras. Nokia says the Lumia 1020 gives people the ability to take good pictures with a device they always carry. It also has a HD 1.2 megapixel wide angle front camera.

41MP Pure View primary camera

JPMorgan Chase & Co. (NYSE:JPM) noted that the most important specification of the phone is the 41MP Pure View primary camera. The 41MP sensor PureView camera is similar to the one that was launched in Nokia 808 in 2012. The phone also has  other  added  camera  features  like  zooming  out  of  a  photo  that  has already been clicked, to view the area around the original picture and multi second  exposure.  The  phone  also  has  a  built-in  app-Pro-Camera- which gives real time feedback on the quality of the image that the camera will be able to capture with the current settings on the camera.

Using a new feature called dual capture, the Nokia Lumia 1020 simultaneously takes a high resolution 38 megapixel image for endless editing opportunities, and creates a 5 megapixel picture that is easy to share to social networks with Windows Phone 8.

The Nokia Lumia’s 1020 41 megapixel sensor features Zeiss optics with six physical lenses with optical image stabilization.

Lumia 1020’s Price and Availability

According to JPMorgan Chase & Co. (NYSE:JPM), the  Lumia 1020 will be available in the  US  with AT&T Inc. (NYSE:T) starting July 26 for US $299.99 with a 2 year contract. Lumia 1020 will  be  available  in  China  and  other  key  European  markets  in  3Q 13.

Nokia plans to ship an exclusive variant of the device with Telefonica to select European and Latin American markets. The Nokia Lumia 1020 will be available in yellow, white and black.

Display & Processor

The phone comes with a 4.5-inch AMOLED WXGA (1280×768) display. It also includes a 2.5 D sculpted Corning Gorilla Glass 3. Powered by a 1.5 GHz dual-core Snapdragon S4 processor and 2GB of RAM, the phone runs Microsoft Corporation (NASDAQ:MSFT)’s Windows phone 8.

The Lumia 1020 comes with a 2000 mAh battery. It does not include built-in wireless charging, but it supports wireless charging via an attachable cover. The phone has 32GB of internal memory, and the company is also offering 7GB free SkyDrive cloud storage.

JPMorgan View on Lumia 1020

The Lumia 1020 seems a very well featured handset. However, given that it is at price parity to the iPhone, it is going  to  substantially  limit  its  consumer  attractiveness  despite  strong feature line up vis-a-vis peers. It is possible that Nokia is using its high end line up to improve the brand while most of the volumes sold will be lower end models  released  later  in  the  so  called  “halo”  of  the  top-featured  high  end handset.