The most common and most likely answer to this crossword clue is the 7 letter word RELABEL
I've seen this crossword clue in The Daily Telegraph
R
E
L
A
B
E
L
More clues leading to the result RELABEL
Buddy explains!

The straight part
We know that "Give new name" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case give new name = relabel.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 RELABEL mean?
RELABEL verb- Label again, apply a new label to