make 3.79.1 basename bug with absolute filenames

[karl]

make 3.79.1, solaris 2.7, compiled with gcc 2.95.2.

Here's a two-line GNUmakefile:
default:
        @echo $(basename /src/foo)

And here's the output of running it:
$ make -f m
/src/foo

Shouldn't that just be `foo'?

Thanks,
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