** Shares of software firm PagerDuty PD.N fall 3.1% to $15.1 premarket

** PD cuts FY26 revenue forecasts to $493 million - $497 million vs prior forecast of 493 million - $499 million

** Baird says "Company is still seeing some elevated levels of churn and customer downgrades, which are adding pressure to net retention rates"; cuts PT to $16 from $18

** While there is caution around headwinds for user-based pricing for the product, there is encouragement by the pricing overall - RBC

** RBC reduces PT to $18 from $20

** Co reports Q2 adj EPS of 30 cents, ahead of analyst estimates of 21 cents - data compiled by LSEG

** Separately, PD announces share repurchase program of $200 mln - SEC filing

** Six of 10 brokerages rate the stock "buy" or higher, four "hold"; their median PT is $18- LSEG data

** Up to last close stock down 14.6% YTD

(Reporting by Avinash P in Bengaluru)

((Avinash.P@thomsonreuters.com;))