Yes:
UILabel *myLabel =
myLabel.adjustsFontSizeToFitWidth = YES;
For iOS 7:
myLabel.minimumScaleFactor = 0.5; // Float from 0 to 1; as a scale of init size.
For iOS 6 and Prior:
myLabel.minimumFontSize = 10; // Float value, in pixels (int value recom'd).
You can read more at Apple UILabeldocs .
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