You need to follow below steps in order to test the application in device.
- Duplicate the target and change the name as well.
- Change the app name in schema by clicking manage schema button.
- Change the product name and version whichever you want.
- Create the new appID in developer portal.
- Create the provisioning profiles based on the identifier.
- Change the bundle identifier name in the new target.
- Change the code signing profiles in build setting tab.
Note: If you run the app in simulator that doesn't care about the profiles. If you run the app in device you defiantly take care about the profiles.