Collins Stewart has published a research report on ON Semiconductor (NASDAQ:

) ahead of the company's 2Q results. In the report, Collins Stewart writes, "At this point, we believe the recovery of the Sanyo fabs will result in a slight tailwind for the company heading into Q3'11. Assuming Q3'11 demand is flat vs. Q1'11, we anticipate ONNN will raise its outlook slightly above consensus expectations. While we think this is well understood by investors and don't believe that ONNN will be fully credited with raising numbers, we believe at the very least, it will limit downside risk." Collins Stewart maintains its Buy rating and $14 price target on ON Semiconductor. ON Semiconductor closed Friday at $8.69.