Phase waves and their stability in a cellular pattern is discussed from a viewpoint of experimentalists. When the cellular pattern exhibits oscillatory instability, rich phenomena can be observed. The prototype experimental system is the electrohydrodynamic convection of a nematic liquid crystal in which a two-dimensional cellular pattern of convection exhibits limit cycle oscillation. We observe localized target pattern of wave fronts emitted from a self-organized center. The localized structure has a life cycle: it arises from a uniform state, grows and collapses by nucleating defects at its center. They are created by a phase instability through the coupling between the oscillatory mode and the underlying cellular pattern. We experimentally determine coupled complex Ginzburg-Landau equations as well as phase equations derived from them, and we confirm that the equations quantitatively describe the instability. We also discussed mechanism and process of collapse of target which are closely related to a turbulent nature of defects in the cellular pattern.