Coarticulation is a phonological phenomenon, always occurring in all sequences of sounds not separated by pauses. Analyses in coarticulation of speech reveal that articulation targets are incomplete in neutralized sound, and it is difficult to estimate incomplete articulatory targets of phonemes due to their sensitivity. In this paper, we firstly proposed a acoustical model of coarticulation of phonemes within syllables. After that, we investigated the stability of spectral targets affected by the vowel neutralization phenomenon. The experimental results show that the proposed coarticulation model decomposed speech into context-insensitive event targets, which are close with articulatory targets, and the context-sensitive event functions, which closely represent the movements between the adjacent targets. In addition, the PLP-LSF was shown as a stable spectral target against vowel neutralization phenomenon in our proposed coarticulation model.