UPDATE 3-Deutsche Post ups 2009 outlook on swift cost cuts

* Sees 2009 adjusted EBIT of at least 1.35 billion euros

* Previous target was 1.2 billion euros

* Q3 core EBIT 947 million euros, vs forecast 341 million

* CEO says things looking up but too early to celebrate

* Shares down 0.2 percent

(Adds detail, analyst comment)

By Maria Sheahan

FRANKFURT, Nov 5 (Reuters) - Deutsche Post DHL (DPWGn.DE) raised its 2009 outlook when posting third-quarter earnings that beat forecasts, saying on Thursday cost cuts were helping offset stubbornly weak volumes.

Europe's biggest mail and express delivery company has shrunk its cost base by shutting down its loss-making domestic DHL express unit in the United States and spending less on advertising and consulting.