The most common and most likely answer to this crossword clue is the 7 letter word ESTEEMS
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More clues leading to the result ESTEEMS
Buddy explains!

The straight part
We know that "Prizes" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case prizes = esteems.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 ESTEEMS mean?
ESTEEMS verb- To set a high value on; to regard with respect or reverence.
- To regard something as valuable; to prize.
- To look upon something in a particular way.
- To judge; to estimate; to appraise