Try using another USB cable or reinstall iTunes and try again. Here's a more detailed guide for fixing the error: http://www.leawo.org/tutorial/how-to-fix-itunes-error-50-1334.html
You may have the wrong iTunes for that update (you need the newest iTunes in order to restore iPhone's). You might also be installed a outdated iOS, or a higher version than the device you are running can handle.
SOURCE: iphone will not restore
try respring it (central + power buttons together and then connect to iTunes in safe mode,choose full restore (it will erase everything but if you have back up can be restored).
SOURCE: I keep getting this message
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Try to reinstall the firmware of the phone. Please see this link. Please see the forum i searched regarding this issue. Try to use the .ipsw file in itunes.
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