We suggest a new method to compute the spectrum and wave functions of excited states. We construct a stochastic basis of Bargmann link states, drawn from a physical probability density distribution and compute transition amplitudes between stochastic basis states. From such transition matrix we extract wave functions and the energy spectrum. We apply this method to $U(1)_{2+1}$ lattice gauge theory. As a test we compute the energy spectrum, wave functions and thermodynamical functions of the electric Hamiltonian and compare it with analytical results. We find excellent agreement. We observe scaling of energies and wave functions in the variable of time. We also present first results on a small lattice for the full Hamiltonian including the magnetic term.
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