Halbarad's name seems to contain two elements, khal and barad, both of which carry the sense of 'high' or 'lofty'. Taken literally, Halbarad would mean 'high tower' (presumably implying that Halbarad was unusually tall, even for a Dúnadan). Each of the elements of his name also carries a metaphorical implication of superiority, and in that sense the name Halbarad could be taken as 'exalted one' or something similar.
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