Praise for two flips (4)
I believe the answer is:
laud
'praise' is the definition.
(I know that laud is a more specific form of praise)
'for two flips' is the wordplay.
'for two' becomes 'dual' (I've seen this in another clue).
'flips' is a reversal indicator.
'dual' written backwards gives 'LAUD'.
(Other definitions for laud that I've seen before include "'Praise, glorify (4)'" , "Archbishop of Canterbury, executed 1645" , "Praise highly" , "Praise acclaim" , "Name of archbishop; praise" .)