Go into finder and find the .storyboard file or your .xib and open with TextEdit. Use find to locate the string "autoshrinkMode" and replace the value "minimumFontSize" to "minimumFontScale"
Odd that the conversion wasn't written in the update scripts...
Also credit to @Rob in the comments above for stating the same answer. He should receive credit for this one.
minimumFontSize property of the UILabel is deprecated from iOS 6.0 onwards.
An Alternative to the minimumFontSize is minimumScaleFactor. If you assign minimumFontSize/defaultFontSize to minimumScaleFactor, it works in the same way as minimumFontSize.
The Code is as follows - For Example the font size is 30.0 and if you want the minimum font size to be 12.0
I am answering very late, but might help any other.
As every one knows that setMinimumFontSize has been deprecated, so other method replacing setMinimumFontSize is setAdjustFontToFitWidth which takes BOOL
e.g