Xcode 5 deployment target limited only to iOS 7
cocoa-touch, ios7, ipad, iphone, xcode5
Solution
You can directly type a different target (5.0, 5.1, etc) into the text box :)
The only thing to note is you will need to change the architecture to exclude ARM64 if you go below 7.0.
Problem
What should be done for me to have the deployment target lower that 7.0 in my project preferences? Now any new project I create using Xcode 5 can only be deployed to iOS 7.0. That's how it looks: