The line in the original Makefile is for i in $(TARGETS); do echo " $$i"; done, so apparently your $(TARGETS) is empty. This means you have to specify something to build, either by modifying the Makefile, or by passing it on the commandline, e.g. make BUILD_GAME_QVM=1.
Possible flags are: BUILD_MASTER_SERVER, BUILD_CLIENT, BUILD_SERVER, BUILD_GAME_SO and BUILD_GAME_QVM.