"praise it for" is correct and usable in written English.
You could use it in the context of praising something for a particular trait or attribute. For example: "The speech was incredibly moving - we should praise it for its eloquence and passion."
Goethe was to praise it for its contemporary relevance and for its central theme (the struggle between Prussia and Saxony in the Seven Years' War), which was an event of national significance.
I can't praise it for its art, but I must not neglect its craft... ...... Hasbro released a line of 3.75" action figures in the spring of 2001 to coincide with the release, including electronic dinosaurs, humans, and vehicles.
But this queasily funny and suspenseful movie is more than a smirking exercise in ideological deck stacking, and to praise it for its political relevance would be to understate its subtlety and specificity.
He moved on to interpretation: it seemed odd to compare a poem of Davenant's to a huge dead tree and at the bottom of the same page to praise it for its "gorgeous and exotic imagery".
He did praise it for its considerable grace and power, but said that Mr. Franzen's prose "fairly droops with smirking" and "is laughably archival for its pop culture and political references".
Some institutions claim Bitcoin is the new and superior PayPal and praise it for its low transaction costs.
Others, however, praised it for its steadfast candor and for its diverse array of characters.
All the panel members praised it for its "harmoniousness".
Some have praised it for its subtlety, though others may view it as scaremongering.
Instead, critics praised it for its ambitious interior design, technological innovations and daring architecture.
During a recent visit to Rawtenstall, minister for housing and local government Grant Shapps praised it for its 'unique' high street.
