Piper Jaffray analyst Matt O'Brien said the update from Align Technology that it will have to close all 12 of its Invisalign stores due to an arbitration ruling on claims asserted by Smile Direct Club is surprising, but not worth the $1.5B loss in market cap seen in early trading. Even if all 12 pilot stores referred 300 patients this year, it would only represent about $5M in lost revenue, said O'Brien, who called this morning's announcement an incremental negative that "appears fairly minor to us at a first glance." O'Brien, who encourages investors to use the pullback to buy shares, reiterates his Overweight rating on Align Technology.