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I have compiled C code using target as DW8051(synopsys) and have a hex format output file for it. I used the same C code and changed target to m8051 (mentor graphics) and have a hex format output file. I noticed that these files were identical. Is this to be expected ?
I wouldn't be surprised, especially if you didn't change the source code. Most of the 8051 variants are very similar.
Even if the m8051 has different standard SFR addresses than the DW8051, you'd still have to change your code to account for those differences.
The "target" is uVision is really just some pre-defined configuration for which peripherals are available, CPU clock rate, size of various memories, and so on. It doesn't really affect code generation or linking.