The Collaborative International Dictionary of English v.0.48:

Panegyrize \Pan"e*gy*rize\, v. t. [imp. & p. p. Panegyrized;
   p. pr. & vb. n. Panegyrizing.] [Gr. ?. See Panegyrist.]
   To praise highly; to extol in a public speech; to write or
   deliver a panegyric upon; to eulogize.
   [1913 Webster]