UPDATE 1-Fyffes raises earnings outlook, shares jump

* Sees 2009 adjusted EBIT of 16-20 mln euros, vs 14-18 mln

* Input costs up 20 percent but market conditions favourable

* Shares up 8.8 percent in Dublin, 22 percent in London

(Adds analyst comment, shares)

DUBLIN, June 26 (Reuters) - Irish tropical fruit distributor Fyffes (FFY.I) raised its 2009 earnings growth target saying favourable market conditions outweighed higher input costs, sending its shares higher on Friday.

Fyffes raised its target range for full-year adjusted earnings before interest and taxes (EBIT) to 16-20 million euros ($22-$28 million) from 14-18 million. It reported 2008 EBIT of 15.3 million euros.

Input costs have risen 20 percent in 2009 to date but "offsetting this, market conditions have been generally favourable in recent months, particularly in Continental Europe," it said.

Fyffes stock has been looking "dirt cheap" given its share of the EU banana market, said Davy analyst John O'Reilly, adding it was difficult to forecast earnings into next year due to the volatility of the banana trade.

"The prospect of a certain cut in the duties it pays on banana imports, though the timing here is not known, adds to its attractions," O'Reilly said in a note to clients.

Shares in Fyffes rose 22 percent to 31.75 pence in London (FFY.L) by 0733 GMT, and were 8.8 percent higher at 0.36 euro in Dublin. (Reporting by Andras Gergely; Editing by Dan Lalor) ($1 = 0.7177 euro)