make build problems

[Wozz <wozz+openbsd_(_at_)_wookie_(_dot_)_net>]

I'm doing a make build based off the source from the September 3rd snapshot.
I've updated the kernel, gcc and cpp.  When I do a make build, I'm getting
the following

cc -c -I. -I/usr/src/gnu/usr.bin/binutils/binutils -I../bfd -I/usr/src/gnu/usr.bin/binutils/binutils/../bfd -I/usr/src/gnu/usr.bin/binutils/binutils/../include  -O2    /usr/src/gnu/usr.bin/binutils/binutils/bucomm.c
/usr/src/gnu/usr.bin/binutils/binutils/bucomm.c: In function `set_default_bfd_target':
/usr/src/gnu/usr.bin/binutils/binutils/bucomm.c:109: `TARGET' undeclared (first use in this function)
/usr/src/gnu/usr.bin/binutils/binutils/bucomm.c:109: (Each undeclared identifier is reported only once
/usr/src/gnu/usr.bin/binutils/binutils/bucomm.c:109: for each function it appears in.)
*** Error code 1

I diff'd the binutil against -current and there are no changes.  Obviously, 
I've missed something.  Any ideas?  bucomm.c says TARGET is defined in the 
Makefile, but I can't find it anywhere.