Generated Xcode project gives warning when loaded

[Tableau-David-Potter]

When loading the Xcode project in Xcode 8 (I've got 8.3.3 installed), the following warning:

Update to recommended settings Foo.xcodeproj

Clicking the warning, several other messages are displayed:

1. An iOS Deployment Target earlier than 8.0 is not supported by this version of Xcode. This will update the value for Project 'Foo' to '8.0'.
2. This will enable the following compiler warnings: Infinite Recursion, No Common Blocks, Suspicious Moves
3. This will turn on "Enable Testability" for the "Debug" configuration