General Mills at its investor day indicated that it expects broad distribution gains in fiscal 2019, including in challenged categories like cereal and yogurt, Piper Jaffray analyst Michael Lavery tells investors in a research note. The analyst believes distribution gains may be difficult to achieve and expects the company's earnings growth to average 1%-2% over the next two fiscal years. He keeps a Neutral rating on General Mills with a $45 price target. Lavery notes the company faces tougher comps, higher inflation and "below-the-line headwinds."