-libopcodes_la_DEPENDENCIES = $(OFILES) ../bfd/libbfd.la
-libopcodes_la_LIBADD = $(OFILES) @WIN32LIBADD@ ../bfd/libbfd.la
+# It's desirable to list ../bfd/libbfd.la in DEPENDENCIES and LIBADD.
+# Unfortunately this causes libtool to add -L$(libdir), referring to the
+# planned install directory of libbfd. This can cause us to pick up an
+# old version of libbfd, or to pick up libbfd for the wrong architecture
+# if host != build.
+libopcodes_la_DEPENDENCIES = $(OFILES)
+libopcodes_la_LIBADD = $(OFILES) @WIN32LIBADD@