Allah (ta'ala) says in the Glorious Qur'an (Surah 33:56):

"Surely Allah and His angels bless the Prophet; O you who believe call for (Divine) blessings on him and salute him with a (becoming) salutation."

The very name "Muhammad" means "the one who is praised, often praised" and the name of the Prophet (Allah bless him and grant him peace) is also known as "Ahmad" meaning "the one deserving of praise".

Imam Jalaludin as-Suyuti mentions:

His name is Muhammad and Ahmad; his people are the people of praise (hamd)- and his prayer rite and the prayer rite of his people is opened with praise (hamd). In the Preserved Tablet in God's abode it was written that his Caliphs and his Companions in writing the Sacred Volume, should open it with praise (Surah 1:1). And in his hand on the Resurrection Day will be the banner of praise. And when he then prostrates himself before God in intercession in our behalf and it is accepted he will praise the Lord with a new song that shall then be revealed to him, for his is the Heavenly Station of Praise (al-maqam al-mahmud, Surah 17:79)-and when he rises up in that Station all the assembly shall praise him, Muslims and misbelievers alike, the first and the last, and all meanings and modes of thankful praise shall be gathered up and offered to him. [quoted from And Muhammad is His Messenger by Annemarie Schimmel p. 107]