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A few issues:

you're specifying a color for the text which will be invisible unless you've set the background color to something else

while it may seem like first graphic whose tag is "xyz" ought to give you a single item, it gives you a list of length 1. If you take the first item from the list, you should be able to manipulate it as you want. You'll also want to watch out for graphics whose class is not shape; groups in particular won't allow you to set their text.

Script Debugger is a big help when trying to puzzle this stuff out.