The most accepted interpretation of the Hebrew form of the name "Nazareth" is generally understood to be נֵצֶר (netser), which means "sprout" or "shoot." This interpretation is based on its usage in messianic prophecies in the Hebrew Bible, such as Isaiah 11:1. cf Strongs #5342.
"And he has gone out, a rod from the Stump of Jesse, a branch [netser] from out of the roots of himself is bearing fruit." (Isaiah 11:1 RBT)
While there have been alternative interpretations proposed, such as נֹצְרָה (notzrah) meaning "protectress" or "guard" and נְצֹרֶת (netsoret) meaning "watch-tower," these are less commonly accepted by scholars in comparison to the "branch" or "shoot" interpretation. The association with messianic prophecy and the symbolic significance of "branch" align well with the biblical and historical context of Nazareth.