You can rename your favorites in the Favorites area of the new tab.
Procedure
Open the Favorites area or the relevant category in which you have saved the required favorites. The favorites contained are listed.
Click an item type name to select the favorites. Note that you open the favorites if you click the icon.
Click Rename favorite or category. The Rename favorite dialog opens.
Overwrite the previous name.
Click OK.
The favorite is displayed with its new name.