NEW YORK — Fender Musical Instruments Corp., which produced guitars strummed by the likes of Buddy Holly and Eric Clapton, said late Thursday that it dropped its plans for an initial public offering.

Fender chief executive Larry Thomas said market conditions and Europe’s economic woes wouldn’t support an IPO that values the company appropriately. Industry observers said that while there may be some truth to that, Fender’s reasons may have more to do with the different growth prospects between Fender and the technology companies that have recently gone public.