The most common and most likely answer to this crossword clue is the 5 letter word EXALT
I've seen this crossword clue in The Daily Telegraph
E
X
A
L
T
More clues leading to the result EXALT
Buddy explains!

The straight part
We know that "praise" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case praise = exalt.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does EXALT mean?
EXALT verb- To honor; to hold in high esteem.
- To raise in rank, status etc., to elevate.
- To elate, or fill with the joy of success.
- To refine or subtilize.