CORRECTED - UPDATE 3-Juniper's 2nd-qtr outlook boosts shares

(Corrects EPS outlook in 5th paragraph)

* Sees Q2 rev $740-780 mln vs Wall St view $770 mln

* Sees Q2 EPS 16-18 cents vs Wall St view 17 cents

* Q1 EPS, revenue near high end of recent forecasts

* Shares up 7 percent after-hours (Adds CEO comments)

NEW YORK, April 23 (Reuters) - Network equipment maker Juniper Networks Inc JNPR.O said it sees signs of stability and gave second-quarter forecasts that met Wall Street expectations, sending shares up 7 percent in a relief rally.

"The environment seems to be more stable than it was in early Q1," Chief Executive Kevin Johnson said on a conference call after the company's quarterly results came in towards the high end of its most recent forecasts.

But he added that communications service providers still appeared to be assessing their needs on a weekly, rather than quarterly basis, making it hard to forecast Juniper's own sales outlook.

"Even with that improvement in stability, visibility on revenue streams remains low," the CEO said.