The Collaborative International Dictionary of English v.0.48:

Prefer \Pre*fer"\, v. t. [imp. & p. p. Preferred; p. pr. & vb.
   n. Preferring.] [F. pr['e]f['e]rer, L. praeferre; prae
   before + ferre to bear or carry. See 1st Bear.]
   1. To carry or bring (something) forward, or before one;
      hence, to bring for consideration, acceptance, judgment,
      etc.; to offer; to present; to proffer; to address; --
      said especially of a request, prayer, petition, claim,
      charge, etc.
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            He spake, and to her hand preferred the bowl.
                                                  --Pope.
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            Presently prefer his suit to C[ae]sar. --Shak.
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            Three tongues prefer strange orisons on high.
                                                  --Byron.
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   2. To go before, or be before, in estimation; to outrank; to
      surpass. [Obs.] "Though maidenhood prefer bigamy."
      --Chaucer.
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   3. To cause to go before; hence, to advance before others, as
      to an office or dignity; to raise; to exalt; to promote;
      as, to prefer an officer to the rank of general.
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            I would prefer him to a better place. --Shak.
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   4. To set above or before something else in estimation,
      favor, or liking; to regard or honor before another; to
      hold in greater favor; to choose rather; -- often followed
      by to, before, or above.
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            If I prefer not Jerusalem above my chief joy. --Ps.
                                                  cxxxvii. 6.
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            Preferred an infamous peace before a most just war.
                                                  --Knolles.
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   Preferred stock, stock which takes a dividend before other
      capital stock; -- called also preference stock and
      preferential stock.
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   Syn: To choose; elect. See Choose.
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WordNet (r) 3.0 (2006):

preferred
    adj 1: more desirable than another; "coffee is preferable to
           tea"; "Danny's preferred name is `Dan'" [syn:
           preferable, preferred]
    2: preferred above all others and treated with partiality; "the
       favored child" [syn: favored, favorite(a),
       favourite(a), best-loved, pet, preferred,
       preferent]