As a very general statement, the main negative in cutting back a budding
tree is that you may not see new buds again until next year. It all depends
on the tree, and your climate.
Also, cutting back a tree before the last freeze is over, could damage the
tree and/or stunt its growth. Most folks try not to cut back trees until
the Spring time.
If you are in a mild climate, and you don't expect any more freezes this
season, you can cut it back, but you will likely miss this year's blooming,
because you have cut the buds off.