You can designate views and workspaces to be stored into Folders you create within the Favorites feature. Once a folder is created, you can change the name (edit) of the folder.
To edit a Folder Name in your Favorites list,
While your Favorites list is open, you can select any folder from the list, then click the Edit icon.
From the Rename Folder window, you can change the Folder name by entering a new folder name. Click Ok when you have renamed the folder.