Xcode 5 deployment target limited only to iOS 7

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.

Had the same issue. All I did was to change Architectures to Standard architectures (armv7,armv7s) - exclude the 64 bit. See screenshot.