Praise the guts of fiery boxer, beating stout fellows (5)

I believe the answer is:

extol

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'praise' is the definition.
(I know that extol is a is a more specific form of the action praise)

I cannot understand how the rest of the clue works.

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(Other definitions for extol that I've seen before include "Praise - honour" , "Praise with enthusiasm" , "Warmly approve of" , "Crack up" , "celebrate" .)

I've seen this clue in The Guardian.

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