How does $@ work in a make conditional?

[JeffS]

Hi!  I'm using GNU Make 3.80.  In my Makefile, I use automatic variable 
$@  to refer to the current target, as shown below.

       |     @echo current target is ... address@hidden
       ifeq ($@,sms)
            @echo yep, they are equal
       else
            @echo no, they are not equal
       endif
       |

It seems that $@  expands to sms , as shown in the output below.

Output is:

       |current target is ... [sms]
       no, they are not equal
       |

My question: since $@  (apparently) expands to sms , shouldn't the 
"true" branch of the ifeq  conditional be executed (with the consequence 
that the output should read yep, they are equal)? [I am at a loss as to 
why the output is no, they are not equal.]

Thank you for any advice you can provide.