Highly valued trophy (5)
I believe the answer is:
prize
This clue is a double definition.
'highly valued' is the first definition.
(prize can mean excellent or top-quality)
'trophy' is the second definition.
(I know that trophy can be written as prize)
(Other definitions for prize that I've seen before include "See 5 Down" , "Award; value highly" , "Trophy" , "Token of victory" , "Reward; value highly" .)