diff --git a/Sources/XcodeGenKit/SpecGenerator.swift b/Sources/XcodeGenKit/SpecGenerator.swift
index 343f0113..c01480f6 100644
--- a/Sources/XcodeGenKit/SpecGenerator.swift
+++ b/Sources/XcodeGenKit/SpecGenerator.swift
@@ -280,20 +280,44 @@ private func generateTargetSpec(target: PBXNativeTarget, mainGroup: PBXGroup, so
 
     let frameworks = target.buildPhases
         .compactMap { $0 as? PBXFrameworksBuildPhase }
-        .compactMap { $0.files?.compactMap { $0.file } }
+        .compactMap { $0.files }
         .reduce([], { $0 + $1 })
 
-    let dependencies: [Dependency] = frameworks.compactMap { fileElement in
-        guard let path = fileElement.path else {
+    let targetDependencies: [Dependency] = target.dependencies.compactMap {
+        guard let name = $0.target?.name else {
             return nil
         }
-        if let sourceTree = fileElement.sourceTree, sourceTree == .sdkRoot {
-            return Dependency(type: .sdk(root: Path(path).parent().string),
-                              reference: fileElement.name ?? Path(path).lastComponent)
+        return Dependency(type: .target, reference: name)
+    }
+
+    let targetDependencyProductNames = target.dependencies.compactMap { $0.target?.productNameWithExtension() }
+
+    let frameworkDependencies: [Dependency] = frameworks.compactMap { file in
+        guard let fileElement = file.file,
+            let path = fileElement.path else {
+                return nil
+        }
+        if let sourceTree = fileElement.sourceTree {
+            switch sourceTree {
+            case .sdkRoot:
+                return Dependency(type: .sdk(root: Path(path).parent().string),
+                                  reference: fileElement.name ?? Path(path).lastComponent)
+            case .buildProductsDir:
+                let file = Path(path).lastComponent
+                if targetDependencyProductNames.contains(file) {
+                    return nil // skip target dependency
+                }
+                return Dependency(type: .target,
+                                  reference: file)
+            default:
+                break
+            }
         }
         return Dependency(type: .framework, reference: path)
     }
 
+    let dependencies = targetDependencies + frameworkDependencies
+
     let targetSources = sources + headers + implicitHeaders + resources
 
     let buildScripts = target.buildPhases
diff --git a/Tests/XcodeGenKitTests/SpecGeneratorTests.swift b/Tests/XcodeGenKitTests/SpecGeneratorTests.swift
index d3abc5c5..bf03cf43 100644
--- a/Tests/XcodeGenKitTests/SpecGeneratorTests.swift
+++ b/Tests/XcodeGenKitTests/SpecGeneratorTests.swift
@@ -1,5 +1,9 @@
 import XCTest
 import XcodeGenKit
+import TestSupport
+import XcodeProj
+import PathKit
+import Yams
 
 class SpecGeneratorTests: XCTestCase {
     func testRemoveEmpty() {
@@ -12,4 +16,15 @@ class SpecGeneratorTests: XCTestCase {
         let removed3: [String: Any] = dict.compactMapValues { $0 }
         XCTAssertEqual(removed3.count, 0)
     }
+
+    func testMigrateDependencies() throws {
+        let file = fixturePath + "MigrationTestProject/MigrationTestProject.xcodeproj"
+        let xcodeProj = try XcodeProj(path: file)
+        let project = try generateSpec(xcodeProj: xcodeProj, projectDirectory: file.parent())!
+        let target = project.targets.first { $0.name == "MigrationTestProject" }!
+        XCTAssertEqual(target.dependencies[0].reference, "ExampleFramework")
+        XCTAssertEqual(target.dependencies[0].type, .target)
+        XCTAssertEqual(target.dependencies[1].reference, "AVKit.framework")
+        XCTAssertEqual(target.dependencies[1].type, .sdk(root: "System/Library/Frameworks"))
+    }
 }