All three are correct.
Note: "favorite", contrary to the imagination of some of the friends writing here, is never a "pronoun". This is 胡说八道!
You will have seen on your computer toolbar "favorites" that store the addresses of your favorite web pages.
During this time of the World Cup, perhaps you should also learn an additional definition of "favorite" (USA) or "favourite" (British): "The competitor thought most likely to win a game or contest, especially by people betting on the outcome". Example: the German team is a strong favourite.
Learning is also fun. If you have children, watch the following song with them: "My Favourite Things" by Julie Andrews from the Oscar-winning film, "The Sound of Music". The movie in fact appeals to all ages. It is about love, the joy of life, the importance of humanity and the necessity to be strong in the face of dictatorial regimes (in the case of the movie, the Nazis).