I got this error while (re)building, using cygwin make.exe version :3.81.
Error : *** target pattern contains no `%\'.
I got the same error when trying to build a project on Linux or OSX, that was previously built on a Windows machine and had some .o.d files hanging around in the output folder.
Once I manually deleted the .o.d files the problem was resolved. Apparently the "Clean" command of my IDE (CodeLite in this case) wasn't deleting the .o.d files.