diff --git a/Makefile b/Makefile
index a09d6e0036..4f7a55ae01 100644
--- a/Makefile
+++ b/Makefile
@@ -39,7 +39,7 @@ all: $(TOOLS) $(DOCS) recurse-all
 SUBDIR_RULES=$(patsubst %,subdir-%, $(TARGET_DIRS))
 
 subdir-%:
-	$(MAKE) -C $(subst subdir-,,$@) V="$(V)" all
+	$(call quiet-command,$(MAKE) -C $* V="$(V)" TARGET_DIR="$*/" all,)
 
 $(filter %-softmmu,$(SUBDIR_RULES)): libqemu_common.a
 $(filter %-user,$(SUBDIR_RULES)): libqemu_user.a
diff --git a/rules.mak b/rules.mak
index c4bb65b41f..a75a93bdcd 100644
--- a/rules.mak
+++ b/rules.mak
@@ -1,19 +1,19 @@
 
 %.o: %.c
-	$(call quiet-command,$(CC) $(CPPFLAGS) $(CFLAGS) -c -o $@ $<,"  CC    $@")
+	$(call quiet-command,$(CC) $(CPPFLAGS) $(CFLAGS) -c -o $@ $<,"  CC    $(TARGET_DIR)$@")
 
 %.o: %.S
-	$(call quiet-command,$(CC) $(CPPFLAGS) -c -o $@ $<,"  AS    $@")
+	$(call quiet-command,$(CC) $(CPPFLAGS) -c -o $@ $<,"  AS    $(TARGET_DIR)$@")
 
 %.o: %.m
-	$(call quiet-command,$(CC) $(CFLAGS) $(CPPFLAGS) -c -o $@ $<,"  OBJC  $@")
+	$(call quiet-command,$(CC) $(CFLAGS) $(CPPFLAGS) -c -o $@ $<,"  OBJC  $(TARGET_DIR)$@")
 
-LINK = $(call quiet-command,$(CC) $(LDFLAGS) -o $@ $^ $(LIBS),"  LINK  $@")
+LINK = $(call quiet-command,$(CC) $(LDFLAGS) -o $@ $^ $(LIBS),"  LINK  $(TARGET_DIR)$@")
 
 %$(EXESUF): %.o
 	$(LINK)
 
 %.a:
-	$(call quiet-command,rm -f $@ && $(AR) rcs $@ $^,"  AR    $@")
+	$(call quiet-command,rm -f $@ && $(AR) rcs $@ $^,"  AR    $(TARGET_DIR)$@")
 
-quiet-command = $(if $(V),$1,@echo $2 && $1)
+quiet-command = $(if $(V),$1,$(if $(2),@echo $2 && $1, @$1))