Xcode 8.3 (iOS 10.3) Cannot launch simulated executable

There are several targets in my workspace, one of which is unit tests.

When I run my unit tests from Xcode on the iOS 10.3 simulator, they all pass. However, when I test from the command line, that is xcodebuild

<testtarget>

, the tests break intermittently.

Below is the error message I see in the terminal

xcodebuild[55631:340885] Error Domain=IDEFoundationErrorDomain Code=1 "Cannot launch simulated executable: no file found at /<Path>/Build/Intermediates/CodeCoverage/Products/Debug-iphonesimulator/<ProductName>"

This only happens with Xcode 8.3, not earlier versions. I also installed xcode-select

in 8.3.2

Has anyone faced the same problem?