Shares of General Electric (GE) - Get Report climbed 6.2% to $8.85 Wednesday after a Citigroup analyst said the industrial heavyweight was making "meaningful progress" in simplifying the company.

Citigroup analyst Andrew Kaplowitz said in a note to investors that he recently met with CEO Larry Culp and other members of the Boston-based company's management team and was encouraged by GE's "positive momentum."

Kaplowitz, who keeps a buy rating on GE's stock with a $14 price target, said the company is reducing debt and improving operations. GE's 2019 framework of negative $1 billion to positive $1 billion free cash flow and earnings per share of "55c-65c seems largely intact, although there are some risks to monitor," the analyst said.

Longer term, he said, GE's runway for improving results in 2020 and beyond "could be more significant than we think some investors appreciate."

Last month, General Electric's stock took a serious hit after after an accounting expert who flagged issues surrounding Bernie Madoff's investment fraud accused the industrial company of inaccurate and fraudulent financial filings with regulators.

The stock move prompted company Culp to buy 252,000 shares at $7.93 for a total investment of $2 million, according to an SEC filing by the company. GE has denied the allegations.