Prepare, as a present (4)
I believe the answer is:
wrap
'prepare as a present' is the definition.
(I've seen this in another clue)
This is the entire clue.
(Other definitions for wrap that I've seen before include "Pack in paper; shawl" , "Flatbread snack" , "Loose outer garment" , "Envelop" , "Cover a gift" .)