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.
James