UPDATE 1-Citigroup raises Adobe Systems price target

(Changes source, adds details)

May 29 (Reuters) - Citigroup raised its price target on Adobe Systems Inc (ADBE.O: Quote, Profile, Research), the maker of Photoshop, Flash and Illustrator software, to $50 from $46, saying its upcoming Creative Suite version launch will drive the stock.

Analyst Brent Thill noted that the best time to buy the stock ahead of Creative Suite product cycles was six to 10 months before the public announcement and the latest version could be announced in four to five months.

However, there is still time for the stock to achieve its upside, though it was up 30 percent plus since a recent low, Thill said in a research note to clients. He kept his "buy" rating on the stock.

Shares of Adobe were trading at $42.81 in early morning trade. They closed at $42.84 Wednesday on Nasdaq. (Reporting by Bijoy Koyitty in Bangalore; Editing by Jarshad Kakkrakandy)