Proper translation of the verse in question would be:
For a child has been born to us, a son given to us, and the authority is upon his shoulder, and the wondrous adviser, the mighty G-d, the everlasting Father, called his name, "the prince of peace."
Per Rashi, leading commentator of the Tanakh
For a child has been born to us. Although Ahaz is wicked, his son who was born to him many years ago [nine years prior to his assuming the throne] to be our king in his stead, shall be a righteous man, and the authority of the Holy One, blessed be He, and His yoke shall be on his shoulder, for he shall engage in the Torah and observe the commandments, and he shall bend his shoulder to bear the burden of the Holy One, blessed be He.
and… called his name. The Holy One, blessed be He, Who gives wondrous counsel, is a mighty G-d and an everlasting Father, called Hezekiah’s name, “the prince of peace,” since peace and truth will be in his days.
Rashi continues his refutation of the view that the person in question is Jesus in his elucidation of the following verse:
To him who increases the authority, and for peace without end, on David's throne and on his kingdom, to establish it and to support it with justice and with righteousness; from now and to eternity, the zeal of the L-rd of Hosts shall accomplish this.
Per Rashi
To him who increased the authority. To whom will He call this name? To the king who increases the authority of the Holy One, blessed be He, upon himself, to fear Him.
authority. an expression of government. [This is to refute those who disagree with us [the Christians]. But it is possible to say that “Prince of Peace,” too, is one of the names of the Holy One, blessed be He, and this calling of a name is not actually a name but an expression of (var. for the purpose of) greatness and authority. Comp. (Ruth 4:11) “And be famous (וּקְרָא שֵׁם) in Bethlehem. Also (II Sam. 7:9, I Chron. 17:8): ” And I shall make for you a name.“ Here too, Scripture means, ” And He gave him a name and authority."
and for peace. which is given to him, there will be no end, for he had peace on all his sides, and this “end” is not an expression of an end to eternity, but there will be no boundaries. On the throne of the kingdom of David shall this peace be justice and righteousness that Hezekiah performed.
and for peace. Heb. וּלְשָׁלוֹם. This ‘vav’ is to rectify the word, thus: He [Hezekiah] increased the authority upon his shoulder, and what reward will He [G-d] pay him? Behold, his peace shall have no end or any limit.
from now and to eternity. The eternity of Hezekiah, viz. all his days. And so we find that Hannah said concerning Samuel (I Sam. 1:22): “and abide there forever.” And, in order to refute those who disagree [i.e., the Christians, who claim that this (Prince of Peace) is their deity], we can refute them [by asking], What is the meaning of: “from now” ? Is it not so that the “deity” did not come until after five hundred years and more?
the zeal of the L-rd of Hosts. Who was zealous for Zion concerning what Aram and Pekah planned about it.
shall accomplish this. but Ahaz does not deserve it, moreover, the merit of the Patriarchs has terminated. [Addendum: And our Rabbis said: The Holy One, blessed be He, wished to make Hezekiah the Messiah and Sennacherib, Gog and Magog. Said the ministering angels before the Holy One, blessed be He, Should the one who stripped the doors of the Temple and sent them to the king of Assyria, be made Messiah? Immediately, Scripture closed it up.]
Commentary used from Chabad.org Tanakh